Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Tuesday August 22 2023.
August 22, 2023 6:24 am
If we look at the 4-hour chart of the Crude Oil commodity asset, you can see that the Trendilo Close indicator is moving up above its Lower band level where at the same time #CL is above the BUY Signal line from the SuperTrend AI indicator which means #CL momentum conditions are in H4 BULL. So, based on these facts in the near future Crude Oil has the potential to test the 81.75 level and if it is successfully broken then the 84.10-84.72 area will be the next target to try to aim for with a note that during its journey to the targets of these levels there is no downward correction which is past the 78.95 level because if this level is successfully broken down then there is a high probability that the strengthening scenario described earlier will become invalid and cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look at the 4-hour chart of the Crude Oil commodity asset, you can see that the Trendilo Close indicator is moving up above its Lower band level where at the same time #CL is above the BUY Signal line from the SuperTrend AI indicator which means #CL momentum conditions are in H4 BULL. So, based on these facts in the near future Crude Oil has the potential to test the 81.75 level and if it is successfully broken then the 84.10-84.72 area will be the next target to try to aim for with a note that during its journey to the targets of these levels there is no downward correction which is past the 78.95 level because if this level is successfully broken down then there is a high probability that the strengthening scenario described earlier will become invalid and cancel itself.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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