BRENT.CMD/USD 4H Chart: Tests support cluster at 71.76

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

The Brent crude oil prices edged higher by about 4.52% in value during the last week's trading sessions. The pair made a new high on May 20.

The BRENT.CMD/USD pair is currently trading near a support cluster formed by the weekly and the monthly PPs and the combination of the 50– and 200-hour SMAs at 71.76.

If the support cluster holds, a breakout through the upper boundary of a downtrend line could occur.

However, if the oil prices pass the cluster as mentioned above, a decline towards the weekly S1 at 70.13 could be expected.

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