Light.CMD/USD 4H Chart: Tests resistance cluster

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Sell
 RSI(14) Neutral Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Sell
 Alligator(13;8;5) Neutral Buy Sell
 SAR(0.02;0.2) Buy Sell Buy
 Aggregate

The Light crude oil prices edged lower by 5.45% during the last week. However, the decline was stopped by a support level formed by the combination of the weekly and the monthly pivot points at 51.41.

The LIGHT.CMMD/USD pair tested a resistance cluster at 53.58 during the morning hours of Wednesday's trading session.

If the commodity passes the resistance cluster formed by the 50– and 100-hour SMAs and the weekly PP at 53.58, the next target for bullish traders will be near a swing high of 55.59.

However, if the cluster as mentioned above holds, a potential downside movement could be expected within this session.

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