FX.co ★ Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Monday August 19, 2024.

If we look at the 4-hour chart of the Crude Oil commodity asset, there appears to be a deviation between the price movement and the MACD Histogram indicator followed by the MACD Histogram and the Bearish 123 Pattern followed by the Bearish Ross Hook (RH) and the price movement of #CL which is below its MA 50 & 200 which also at the same time has a Death Cross position (MA 50 is below MA 200) so that based on these facts in the near future #L has the potential to weaken down to the level of 75.53 and if this level is successfully broken below then the next level to be targeted is 74.58, and if the momentum and volatility are supportive enough then 71.68 will be the next target to be targeted with the note that on the way to these targets there is no significant strengthening correction, especially not breaking above the level of 78.00 because if it is penetrated then all the weakening scenarios that have been described previously will become invalid and canceled by themselves.

(Disclaimer)