FX.co ★ Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday June 05, 2024.

With the position of the 50 EMA which is below the 200 EMA on the 4-hour chart, the Crude Oil commodity asset provides a strong indication for #CL which in the near future has the potential to weaken down to level 72.48. If this level is successfully broken downwards then #CL has the potential to continue its weakening up to level 69.95 as the main target and level 67.67 as the next target if the momentum and volatility are supportive, however, if on the way to these targets suddenly there is a significant strengthening correction, especially if it succeeds in breaking above the 77.17 level, then a weakening scenario has been created. as previously described will automatically become invalid and cancel itself.

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