BRENT.CMD/USD 4H Chart: Bullish run to continue

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

The Brent crude oil prices bounced off the 200– period simple moving average at 60.50 on November 20. As a result, the commodity has appreciated about 5.65% in value during this period.

All things being equal, the Brent.CMD/USD pair will likely target a resistance cluster formed by the monthly R2 and weekly R1 at 65.54.

If the resistance cluster holds, a brief retracement towards the 62.74 area could be expected in the short term.

However, if the pair breaks the cluster, the next target for bullish traders would be at a psychological level at 68.00.

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