BRENT.CMD/USD 4H Chart: Reveals new junior channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellNeutralBuy
SAR(0.02;0.2)BuySellBuy
Aggregate

The Brent crude oil prices have lost about 662 base points since the end of April. The commodity has revealed a new junior descending channel pattern.

A support cluster formed by the 50– and 200-day simple moving averages at 69.00 are providing support for the pair on the daily time-frame chart.

If the BRENT.CMD/USD pair passes the support cluster, the next target for bears will be at 68.03 in the short-term.

However, if the 50-and 200-day SMAs holds, a retracement towards a swing high of 75.65 could be expected during the following trading sessions.

Meanwhile, technical indicators flash bullish signals on the weekly time frame chart.

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