Brent.CMD/USD 4H Chart: Bullish signals today
The Brent crude oil prices rose by 4.46% during the last one week. The pair breached both the 50– and 100-hour simple moving averages during this short period of time.
Currently, BRENT.CMD/USD is trading near a resistance level at 63.65. From a theoretical point of view, a pull-back is likely to occur within this trading session.
However, technical indicators flash bullish signals on both the smaller and the larger time frames.
The short-term target for the oil prices will be at a swing high of 63.65.
Light.CMD/USD 4H Chart: Tests resistance cluster
The Light crude oil prices edged lower by 5.45% during the last week. However, the decline was stopped by a support level formed by the combination of the weekly and the monthly pivot points at 51.41.
The LIGHT.CMMD/USD pair tested a resistance cluster at 53.58 during the morning hours of Wednesday's trading session.
If the commodity passes the resistance cluster formed by the 50– and 100-hour SMAs and the weekly PP at 53.58, the next target for bullish traders will be near a swing high of 55.59.
However, if the cluster as mentioned above holds, a potential downside movement could be expected within this session.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.