Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Tuesday May 7, 2024.



Although on the 4 hour chart, Crude Oil Commodity still dominates with Seller where this is confirmed by MA 50 which is below MA 200, but with the appearance of Descending Broadening Wedge pattern on the daily chart, then will gives the clue if there is still has the potential of correction to strengthen on #CL especially if the weakness that occurs currently has not break below level 77,50. Then in the near future, #CL has the potential to test and break above level area 79,61-79,89 if this level area managed to be broken then #CL has the potential to continue its strengthen in the near future up to the level 81,57 and if the momentum as well as the volatility is supporting then level 84,45 is not impossible thing to aimed of.


The material has been provided by InstaForex Company - #

No comments:

Post a Comment