BRENT.CMD/USD 4H Chart: Bounces off support

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

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

The Brent crude oil prices have depreciated about 4.93% against the US Dollar during the last week. The pair breached the lower boundary of an ascending channel pattern at 64.63 on Tuesday. 

The BRENT.CMD/USD pair is currently trading near a resistance cluster formed by the weekly S1 and the 50-hour simple moving average at 66.58.

If the commodity passes the cluster as mentioned earlier, buyers could push the pair towards the weekly R1 at 67.94.

Although, if the resistance line holds, a southern breakout is likely to occur during the following trading sessions.

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