LIGHT.CMD/USD 4H Chart: Rally likely to continue - Trade Pattern Ideas - Dukascopy Bank
Wed, 09 Jan 2019 07:03:36 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Sell
Sell
RSI (14)
Sell
Neutral
Buy
Stochastic (5; 3)
Sell
Sell
Buy
Alligator (13; 8; 5)
Buy
Neutral
Sell
SAR (0.02; 0.2)
Buy
Buy
Sell
Aggregate
⇒
⇒
⇒
The light crude oil has been appreciating in an ascending channel pattern against the US Dollar since the end of December. The commodity bounced off from the bottom border of the channel pattern at 42.44 on December 26 and followed by 19% gained.
The LIGHT.CMD/USD breached the 200-hour simple moving average at 49.78 during the end of yesterday's trading session.
Everything being equal, it is likely that the commodity price will continue moving higher towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 52.83.
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