BRENT.CMD/USD 4H Chart: Breakout occurs - Trade Pattern Ideas - Dukascopy Bank

Wed, 09 Jan 2019 07:06:15 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 Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

Bullish sentiment has been dominating the BRENT.CMD/USD since the end of December. The commodity reversed from the lower boundary of a dominant descending channel pattern at 50.31 on December 26 and followed by an upside wave.

The Brent crude oil breached the upper boundary of the dominant ascending channel at 58.49 during yesterday's session.

Given that a breakout had occurred, it is likely that the crude oil prices will continue moving north and potentially targeting a resistance cluster formed by the combination of the weekly and the monthly PPs at 61.90.


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