LIGHT.CMD/USD 4H Chart: Meets 200-day SMA - Trade Pattern Ideas - Dukascopy Bank
Wed, 08 May 2019 05:32:47 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Buy
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Neutral
Buy
SAR(0.02;0.2)
Buy
Sell
Buy
Aggregate
⇒
⇒
⇗
The Light crude oil prices have depreciated about 652 base points since April 25. The commodity breached the 50-, 100– and 200-hour simple moving averages during this time period.
On the daily time frame chart, the 200-day SMA was providing support for the LIGHT.CMD/USD pair at 60.30.
If this support level holds, the pair could aim for a swing high of 66.67 during the following trading sessions.
However, if the oil prices pass the 200-day SMA, a decline towards the $55 mark could be expected.
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