FX.co ★ Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday May 15, 2024.

If we look at the 4-hour chart of the Crude Oil commodity asset, it appears that Sellers are still dominating, which is confirmed by the position of the EMA 50 which is below the EMA 200 (Death Cross), so based on this, #CL is predicted to have the potential to continue weakening again, where the level of 77.70 will be try to test it to be broken downwards. If this level is successfully broken then level 76.92 will be the main target to aim for and if the momentum and volatility are sufficient to support then level 75.49 will be the next target but with the formation of the Descending Broadening Wedge pattern and the emergence of a deviation pattern between #CL price movements The Stochastic Oscillator indicator also provides an opportunity for #CL to be corrected to strengthen up to the level of the Bearish Fair Value Gap area, but as long as it does not penetrate above level 81.56, #CL still has the potential to continue weakening again.

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