The Crude Oil Futures (4H) chart highlights a potential bearish scenario as price action approaches a critical resistance area. The highlighted zone, which is a strong resistance, coincides with the 0.618 - 0.65 Fibonacci retracement levels, which are often key areas for price reversals. Additionally, the rising wedge formation signals a potential loss of bullish momentum, typically a bearish continuation or reversal pattern.
The price has made several attempts to push higher, but the presence of multiple confluences, including the resistance levels around $70.50, suggests that the bullish rally might be facing exhaustion. If a reversal occurs from this zone, it could lead to a significant drop, potentially targeting the $66.50 region or even lower, aligning with previous structural supports and liquidity zones.
Traders should monitor for bearish confirmations, such as a strong rejection candle, a break of the rising wedge structure, or increased selling volume.
Key levels to watch:
- Resistance Zone: $70.50 - $71.00 (Fib 0.618-0.65 and strong resistance)
- Support Targets: $68.00 and $66.50
This setup requires patience and confirmation before taking action. Always trade with proper risk management!
The price has made several attempts to push higher, but the presence of multiple confluences, including the resistance levels around $70.50, suggests that the bullish rally might be facing exhaustion. If a reversal occurs from this zone, it could lead to a significant drop, potentially targeting the $66.50 region or even lower, aligning with previous structural supports and liquidity zones.
Traders should monitor for bearish confirmations, such as a strong rejection candle, a break of the rising wedge structure, or increased selling volume.
Key levels to watch:
- Resistance Zone: $70.50 - $71.00 (Fib 0.618-0.65 and strong resistance)
- Support Targets: $68.00 and $66.50
This setup requires patience and confirmation before taking action. Always trade with proper risk management!
交易進行
Price already broke out! trade is playing out!
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