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19/06 Light Crude Oil prices continue to range within the ascending triangle

19/06 Light Crude Oil prices continue to range within the ascending triangle

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Light Crude Oil prices continue to range within the ascending triangle. Observing the daily chart, candles continued to find support by the upward sloping trend line for the third time as they now continue to approach the resistance at 61.36. Attention should be paid to the resistance price at 61.36 where should candles show a clear break above, traders can engage in a longing position towards the 200 EMA.

 

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Observing the H4 chart, candles continue to find support at 59.20 and subsequently went back up after failing to close below the uptrend line. Traders are advised not to engage in any trades yet as trend direction is still uncertain and given the tight price range, traders should be patient and await for candles to break out of the triangle before engaging in any trades.

 

CL, futures, commodity, commodities, oil, light crude, crude oil price, crude oil forecast, crude oil outlook, Crude Oil analysis, Crude Oil technical analysis, Crude Oil outlook, Crude Oil price, Light Crude Oil analysis, Light Crude Oil forecast, Light Crude Oil outlook, Light Crude Oil price, Light Crude Oil technical analysis, Light Crude Oil analysis, Light Crude Oil forecast, OPEC, Saudi Arabia, ARAMCO

Focusing on the hourly chart, candles start to show uncertainty with the formation of highly bullish candles followed by bearish candles. Volatility continues to remain high but traders should currently stay away from the pair until prices reach either the top or the bottom of the ascending triangle as observed on the daily chart.

 

Trend Direction
 S3
S2
S1
R1
R2
 R3
 
Slightly bullish towards 61.36 58.08 59.20 59.67 61.36 62.00 62.68

 

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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