FX.co ★ Technical Analysis of Daily Price Movement of Crude Oil Commodity Asset, Tuesday January 16, 2023.

If we look at the daily chart of the Crude Oil commodity asset, it can be seen that #CL is stuck at the support level area of 70.07-63.83 which coincidentally also forms an Inverted Head & Shoulders pattern so that if this commodity asset manages to break above the level of 76.17, it will also be confirmed by the indicator. If CCI succeeds in breaking above level 100 then #CL then #CL has the potential to strengthen up to level 79.62 as the main target and if momentum and volatility support it then it is not impossible that level 86.63 will be the next target to be tested but please pay attention to level 67.71 if this level is successfully breaks downwards by #CL on its way to the target levels previously described, the predicted strengthening scenario will become invalid and cancel itself.

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