BRENT.CMD/USD 4H Chart: Tests support cluster at 71.76 - Trade Pattern Ideas - Dukascopy Bank
Wed, 22 May 2019 05:08:27 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Buy
Buy
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇗
⇒
The Brent crude oil prices edged higher by about 4.52% in value during the last week's trading sessions. The pair made a new high on May 20.
The BRENT.CMD/USD pair is currently trading near a support cluster formed by the weekly and the monthly PPs and the combination of the 50– and 200-hour SMAs at 71.76.
If the support cluster holds, a breakout through the upper boundary of a downtrend line could occur.
However, if the oil prices pass the cluster as mentioned above, a decline towards the weekly S1 at 70.13 could be expected.
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