LIGHT.CMD/USD 4H Chart: Two scenarios likely - Trade Pattern Ideas - Dukascopy Bank
Wed, 27 Feb 2019 07:03:50 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Sell
Alligator(13;8;5)
Sell
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Buy
Aggregate
⇘
⇗
⇘
The Light crude oil prices have depreciated about 4.66% against the US Dollar since last week. The pair reversed from a three-month high at 57.81 on February 22 and had since breached the 50-hour simple moving average at 56.18.
The LIGHT.CMD/USD pair tested a resistance level formed by the 50-hour SMA at 56.18 during the morning hours of today's trading session.
If this resistance level holds, the commodity could aim for the lower band of an ascending channel pattern at 54.27.
On the other hand, if the pair passes the 50-hour SMA as mentioned above, the next target for bullish traders will be near a resistance cluster at 58.25.
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