BRENT.CMD/USD 4H Chart: Reaches near $70

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

[ANNOUNCE]The Brent crude oil price reached near the $70 mark on Wednesday. The increased was due to the US sanctions against Iran and Venezuela crude oil exports and the OPEC supply cuts.[/ANNOUNCE]

As for the near future, it is likely that the BRENT.CMD/USD pair makes a brief retracement down towards a support level formed by the 50-hour simple moving average at 67.93.

Meanwhile, technical indicators demonstrate that the commodity could continue to maintain the medium-term ascending channel pattern during the following trading sessions.

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