BRENT.CMD/USD 4H Chart: Reaches near $70 - Trade Pattern Ideas - Dukascopy Bank
Wed, 03 Apr 2019 06:28:35 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Sell
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Sell
Neutral
Alligator(13;8;5)
Buy
Buy
Neutral
SAR(0.02;0.2)
Buy
Buy
Buy
Aggregate
⇗
⇗
⇒
The Brent crude oil price reached near the $70 mark on Wednesday. The increased was due to the US sanctions against Iran and Venezuela crude oil exports and the OPEC supply cuts.
As for the near future, it is likely that the BRENT.CMD/USD pair makes a brief retracement down towards a support level formed by the 50-hour simple moving average at 67.93.
Meanwhile, technical indicators demonstrate that the commodity could continue to maintain the medium-term ascending channel pattern during the following trading sessions.
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