Brent.CMD/USD 4H Chart: Facing support cluster at 61.80 - Trade Pattern Ideas - Dukascopy Bank

Wed, 06 Feb 2019 06:51:22 GMT
Source: Dukascopy Bank SA
 

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

The BRENT.CMD/USD pair has appreciated about 4.92% of its values during the past week. The commodity tested a swing high of 63.61 during this time period.

The Brent crude oil is currently facing a strong support level formed by the weekly pivot point and the combination of the 50– and 100-hour SMAs at the 61.80 area.

If this support cluster as mentioned above holds, the oil prices could edge higher towards a resistance level at the 66.00 mark in the nearest future. 

However, if the UKOIL passes the SMAs, a decline towards a support level set by the monthly PP at 58.96 could be expected.


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