Light.CMD/USD 4H Chart: Likely to decline - Trade Pattern Ideas - Dukascopy Bank
Wed, 06 Feb 2019 06:49:49 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Buy
Buy
Sell
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Buy
Neutral
Sell
Alligator (13; 8; 5)
Neutral
Buy
Sell
SAR (0.02; 0.2)
Sell
Buy
Buy
Aggregate
⇒
⇗
⇘
During the past week, the Light crude oil has gained about 5.07% of its values against the US Dollar. The commodity breached a swing high of 54.33 during this time period.
The LIGHT.CMD/USD pair tested the lower boundary of an ascending channel pattern and the 50-hour simple moving average at 53.82 during the Asian session on Wednesday.
The crude oil prices could decline towards a support level formed by the monthly pivot point at 51.27 in the shorter term.
However, a support cluster formed by the 100-hour SMA and the weekly S1 at 52.57 could hinder such movement.
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