Title
WTI H4 | Potential bearish reversal
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 73.80, an overlap resistance that aligns close to the 23.6% Fibonacci retracement; the price continues to trade under the red Ichimoku Cloud, signaling potential bearish momentum. A bearish reversal could drive the price towards the 1st support at 71.26 which is a pullback support.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 74.88, which acts as a key overlap resistance level that aligns close to the 38.2% Fibonacci retracement.
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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.