LIGHT.CMD/USD 4H Chart: Could edge higher - Trade Pattern Ideas - Dukascopy Bank
Wed, 30 Oct 2019 06:19:18 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Buy
Buy
Sell
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Neutral
Buy
Sell
SAR(0.02;0.2)
Sell
Buy
Sell
Aggregate
⇒
⇗
⇘
Light crude oil is gradually edging higher against the US Dollar. The commodity breached both the 50-, 100– and 200– hour simple moving averages during this period.
As for the near future, the light crude oil price will likely continue to surge in a narrow ascending channel pattern until it reaches a resistance level formed by the weekly R2 at 59.43.
If the resistance level holds, the LIGHT.CMD/USD pair could make a retracement towards a support level formed by the monthly pivot point at 56.84 could occur during the following trading sessions.
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