LIGHT.CMD/USD 4H Chart: Will continue to gain strength

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Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyNeutral
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇗⇗⇒

[ANNOUNCE]The Light crude oil prices have continued to appreciate in a medium-term channel against the US Dollar. The 50-hour simple moving average has pushed the pair towards the $60 mark.[/ANNOUNCE]

The LIGHT.CMD/USD pair is trading near a resistance level formed by the weekly pivot point at 60.18. If the weekly PP hold, a possible pullback towards a support cluster at 59.21 could follow within this session.

On the other hand, if the crude oil prices pass the resistance line as mentioned above, the pair might hit the $62 mark before the end of March.

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