BRENT.CMD/USD 4H Chart: Bullish run to continue - Trade Pattern Ideas - Dukascopy Bank
Wed, 27 Nov 2019 07:06:32 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)
Sell
Sell
Sell
Alligator(13;8;5)
Buy
Buy
Sell
SAR(0.02;0.2)
Buy
Buy
Sell
Aggregate
⇗
⇗
⇓
The Brent crude oil prices bounced off the 200– period simple moving average at 60.50 on November 20. As a result, the commodity has appreciated about 5.65% in value during this period.
All things being equal, the Brent.CMD/USD pair will likely target a resistance cluster formed by the monthly R2 and weekly R1 at 65.54.
If the resistance cluster holds, a brief retracement towards the 62.74 area could be expected in the short term.
However, if the pair breaks the cluster, the next target for bullish traders would be at a psychological level at 68.00.
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