Technical Analysis of Weekly Price Movement of Crude Oil Commodity Asset, Tuesday September 19 2023.
September 19, 2023 6:23 am
If we look on the weekly chart of Crude Oil commodity asset, then there will be a few things:
1. The deviation between price movement with CCI indicator.
2. CCI indicator managed to break its three important level (-100, 0, 100).
3. #NG hold to the Bullish Rejection Block (Cyan Box) area and reacted so well with those support level area.
4. Price movement is above WMA (20) with its slope that dips upward.
So based on these four points, it can be concluded that #NG in the near future has the potential to appreciate upwards to test breaking above level 93.63, if this level is successfully broken and there is no significant correction until it breaks below level 77.59 then #NG has the potential to continue its strengthening up to The Bearish Fair Value Gap area level 112.45-117.16 as the main target and the Bearish Rejection Block area level 121.33-130.44 as the next target to be aimed at.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
If we look on the weekly chart of Crude Oil commodity asset, then there will be a few things:
1. The deviation between price movement with CCI indicator.
2. CCI indicator managed to break its three important level (-100, 0, 100).
3. #NG hold to the Bullish Rejection Block (Cyan Box) area and reacted so well with those support level area.
4. Price movement is above WMA (20) with its slope that dips upward.
So based on these four points, it can be concluded that #NG in the near future has the potential to appreciate upwards to test breaking above level 93.63, if this level is successfully broken and there is no significant correction until it breaks below level 77.59 then #NG has the potential to continue its strengthening up to The Bearish Fair Value Gap area level 112.45-117.16 as the main target and the Bearish Rejection Block area level 121.33-130.44 as the next target to be aimed at.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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