FX.co ★ Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday May 17, 2023.

Crude Oil on its 4 hour chart still moving inside the Bearish bias condition where this things confirmed by:

1. The appearance of Bearish 123 pattern followed by Bearish Ross Hook (RH).

2. The price movement is moving in a channel that is swooping down.

3. Current price is below EMA 50.

4. CCI indicator which cannot break above the level 0.

Based on the four facts above then in the nearest future as long as #CL does not corrected upward exceeds the level of 73.19 then this commodity asset will try to fall below the level of 69.40 and if it is successfully broken then it will try to continue its decline to the level of 67.48.

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