06.08.202409:37 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Tuesday August 06, 2024.

Relevance up to 23:00 2024-08-06 UTC--4

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When we look at the 4-hour chart of the Crude Oil commodity asset, it is very clear that #CL is under pressure from Sellers, where this can be seen from the price movement of #CL which is located and moving harmoniously in the Bearish Pitchfork channel and below the EMA 20 & EMA 50 where the EMA 20 is below the EMA 50 and the CCI indicator has successfully broken below its 3 main levels of 100, 0, & -100 so that based on this information it can be confirmed that Crude Oil is under Bearish pressure so that in the near future #CL has the potential to fall down to level 71.85 if this level is successfully broken down then level 68.64 will be the next target to be targeted and if volatility and momentum support then level 66.66 will be the next target to be targeted but please note that with the emergence of deviations between the price movement of #CL which makes Lower-Low while on the contrary the CCI indicator forms Lower-High there is the potential for a strengthening correction upwards but as long as it does not penetrate above level 76.57 then #CL still has the potential to continue its weakening.

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