Crude Oil Futures (CL1!) D1 | Overlap Resistance at 61.8% Fibonacci Retracement
Crude Oil Futures (CL1!) D1 | Overlap Resistance at 61.8% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 73.32
Pivot: 70.43
Support: 65.74
Preferred Case:
Looking at the D1 chart, the price could rise toward the pivot and potentially stall around this level before reversing to fall toward the 1st Support at 65.74. The presence of a red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 70.43 and rise toward the 1st Resistance at 73.32.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.
Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.