LIGHT/USD 4H Chart: Remains near resistance cluster - Trade Pattern Ideas - Dukascopy Bank
Fri, 30 Nov 2018 07:29:43 GMT
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.
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