BRENT.CMD/USD 4H Chart: Could edge higher - Trade Pattern Ideas - Dukascopy Bank

Wed, 13 May 2020 05:17:25 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralNeutralSell
SAR(0.02;0.2)SellBuyBuy
Aggregate

The benchmark for international crude oil price Brent has surged by 86.80% since April 22. The commodity breached the 50-, 100– and 200– period SMAs during last week's trading sessions.

All things being equal, the BRENT.CMD/USD pair could continue to edge higher during next week's trading sessions. The potential target would be near the monthly R1 and the weekly R2 at the 36.00 area.

However, the weekly resistance level at 33.52 could restrict bullish traders from driving the price higher this week.


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