LIGHT.CMD/USD 4H Chart: Sets for breakout - Trade Pattern Ideas - Dukascopy Bank
Wed, 29 May 2019 05:55:51 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Buy
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇒
The Light crude oil prices have depreciated about 9.30% in value against the US Dollar since last week's trading sessions. The pair tested the bottom border of an ascending channel pattern at 57.66 on May 23.
The pair was trading near the lower boundary of the channel pattern and could be set for a breakout.
If this breakout occurs, a decline towards the $53 mark could be expected during the following trading sessions.
However, if the channel pattern holds, bulls could pressure the commodity higher in the nearest future.
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