Technical Analysis of Intraday Price Movement of Crude Oil Commodity Currency Pairs, Monday May 27 2024.
May 27, 2024 10:22 am
If we look at the 4-hour chart of the Crude Oil commodity asset, it can be seen that the price movement is above the 20 EMA which has a slope that is starting to dip upwards and there is a deviation between the price movement and the Stochastic Oscillator indicator, all of which provides confirmation that in the near future #CL has the potential to weaken falls to the level of the Bullish Fair Value Gap (Cyan). If this area level acts as a good enough Support Area level so that #CL does not broken below level 76,15 then #CL still has the potential to strengthen again and rise to level 78,03 and if this level is successfully broken above, #CL has the potential to test level 78.66 as its main target and if the momentum and volatility are sufficient to support it, then it is not impossible that level 79,93 will be the target level it will aim for later.
(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, it can be seen that the price movement is above the 20 EMA which has a slope that is starting to dip upwards and there is a deviation between the price movement and the Stochastic Oscillator indicator, all of which provides confirmation that in the near future #CL has the potential to weaken falls to the level of the Bullish Fair Value Gap (Cyan). If this area level acts as a good enough Support Area level so that #CL does not broken below level 76,15 then #CL still has the potential to strengthen again and rise to level 78,03 and if this level is successfully broken above, #CL has the potential to test level 78.66 as its main target and if the momentum and volatility are sufficient to support it, then it is not impossible that level 79,93 will be the target level it will aim for later.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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