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Technical analysis

14.08.202406:20 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday August 14, 2024.

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Exchange Rates 14.08.2024 analysis

Looking at the condition of the 4-hour chart of the Crude Oil commodity asset, it seems that in the near future there will be another weakening, which is confirmed by the appearance of the Bearish 123 pattern and the deviation between the #CL price movement and the Stochastic Oscillator indicator confirming that in the near future #CL has the potential to test the 78.17 level if this level is successfully broken below then #CL has the potential to continue its weakening to the 76.75 level as its main target and if the momentum and volatility support it, it is not impossible that the 76.21 level will be the next target to be targeted, but if on its way to these targets suddenly #CL strengthens again, especially if it break above the 80.13 level, then all the weakening scenarios that have been described will be invalid and automatically canceled by themselves.

(Disclaimer)

Arief Makmur
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