LIGHT.CMD/USD 4H Chart: Could edge lower

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Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellBuySell
RSI(14)BuyNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)SellBuySell
SAR(0.02;0.2)SellBuyBuy
Aggregate⇘⇗⇘

[ANNOUNCE]The Light crude oil prices have depreciated about 6.23% in value since last week's trading sessions. The commodity breached both the 50– and 100-hour SMAs at 58.94 during yesterday's session.[/ANNOUNCE]

Most likely, the LIGHT.CMD/USD pair could continue its southern movement in the coming days. The pair might aim for the 61.80% Fibonacci retracement level during next week's trading sessions.

However, a support cluster formed by the 200-hour simple moving average and the combination of the weekly and the monthly PPs at 56.14 could provide significant support for the pair in the nearest future.

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