Title
WTI H1 | Potential Bullish Bounce?
Type
Bullish Reversal
Preference:
price is falling to the pivot of 69.31, a pullback support close to 23.6% Fibo retracement. A reverse from this level could lead the price to rise to 1st resistance at 70.38, a pullback resistance close to 78.6% Fibo retraceemmnt
Alternative Scenario:
If price breaks below the pivot, it could fall to 1st support at 68.79, an overlap support close to 50% FIbo 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.