BRENT.CMD/USD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Wed, 24 Jul 2019 05:59:04 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Sell
Sell
SAR(0.02;0.2)
Buy
Sell
Sell
Aggregate
⇒
⇘
⇘
The international benchmark for crude oil prices has been trading in a junior descending channel pattern since July 15. The commodity tested the lower border of the channel pattern at 61.50 on July 19.
Everything being equal, it is likely that the BRENT.CMD/USD pair could continue its downward movement within this week's trading sessions. The pair might aim at a support cluster formed by the weekly S1 and the monthly S1 at 60.32.
If the support cluster holds, a potential upside reversal could occur during the following trading sessions.
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