Support & Resistance

Technical Analysis of Intraday Movement of Crude Oil Commodity Asset, Thursday January 12, 2023

Crude oil looked stuck on the 4 hour chart in the Daily Bearish Fair Value Gap area, as well as being confirmed by the Awesome Oscillator indicator’s appearance of hidden deviations between price movements and the formation of the Ascending Broadening Wedge pattern.

It is likely that the asset will remain in this area for a while, unless there is a significant upward correction that breaks above the 79.68 level that sets the stage for Crude Oil to depreciate down to the 74.30 level as the primary target and the 73.25 level as the secondary target.

Andrew Johnson is a seasoned journalist with a keen interest in the commodity market. He is a regular contributor to, where he covers the latest news, trends, and analysis related to the commodity industry. With years of experience under his belt, Andrew has established himself as a reliable source of information on the global commodity market.