Dukascopy

LIGHT/USD 4H Chart: Remains near resistance cluster

NYMEX:CLQ2019   CRUDE OIL FUTURES (AUG 2019)
The LIGHT.CMD/USD pair has been moving in a descending channel since the commodity price reversed from its upper boundary at 76.88.
As shown on the chart, the Light crude oil is testing the weekly pivot point and the 50-hour simple moving average at 52.81 during the morning hours of today’s session.
If this resistance level holds, it is expected that the commodity price aims for the lower boundary of the descending channel pattern at 47.72 during the following sessions.
However, if the price passes the resistance level as mentioned above, the pair could target the upper boundary of the channel pattern at 55.30.
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