Technical Analysis of Daily Price Movement of Crude Oil Commodity Asset, Monday July 17, 2023.
July 17, 2023 6:24 am
Although on the daily chart the CCI indicator of Crude Oil Commodity Asset managed to break from the lower level upwards starting from -100, 0, & 100 which indicates that the upward rally is valid but after successfully breaking the 75.03 level now #CL will be withdrawn for a downward correction first in order to gain momentum to rise above again where the level area is 72.61 – 71.52 will be the main target to aim for and the 69.94 level will be the second target but if on the way to the target level earlier suddenly #CL again rallied up and back past the last Ross Hook (RH) level, namely at the 77.21 level then this will cancel the scenario the downward correction described earlier.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Although on the daily chart the CCI indicator of Crude Oil Commodity Asset managed to break from the lower level upwards starting from -100, 0, & 100 which indicates that the upward rally is valid but after successfully breaking the 75.03 level now #CL will be withdrawn for a downward correction first in order to gain momentum to rise above again where the level area is 72.61 – 71.52 will be the main target to aim for and the 69.94 level will be the second target but if on the way to the target level earlier suddenly #CL again rallied up and back past the last Ross Hook (RH) level, namely at the 77.21 level then this will cancel the scenario the downward correction described earlier.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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