LIGHT/USD 4H Chart: Remains near resistance cluster

Source: Dukascopy Bank SA

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

The LIGHT.CMD/USD pair has been moving in a descending channel since the commodity price reversed from its upper boundary at 76.88.

As shown on the chart, the Light crude oil is testing the weekly pivot point and the 50-hour simple moving average at 52.81 during the morning hours of today's session.

If this resistance level holds, it is expected that the commodity price aims for the lower boundary of the descending channel pattern at 47.72 during the following sessions.

However, if the price passes the resistance level as mentioned above, the pair could target the upper boundary of the channel pattern at 55.30.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.