Title
WTI H4 | Potential bearish reversal
Type
Bearish Reversal
Preference:
The price is currently at our pivot point of 79.072 which is just slightly above a 50% Fibonacci retracement level. If there is a reversal from here, it could push the price down to 1st support level at 76.462
Alternative scenario:
However, If price were to break above the pivot, it could push up to 1st resistance at 80.954
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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.