TechnicaAnalysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday February 01 2023

With the occurrence of a Death Cross between the MA 50 (red) which is below the MA 200 (blue) this indicates the bias of the Crude Oil commodity asset is under Bearish pressure but with the appearance of the Bullish 123 pattern followed by the appearance of Ross Hook (RH) confirming that there is a correction movement upwards with the potential for strengthening up to the 82.62 level as the main target and the 89.19-90.33 area as the second target with a note that as long as it doesn't occur #CL returns to its original bias especially if it breaks below the 74.30 level because if this level is successfully broken down then there is a high probability of a rally scenario upward correction that has been described previously will cancel by itself.

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