Dukascopy
Long

BRENT.CMD/USD 4H Chart: Likely to hit $70 mark

TVC:UKOIL   CFDs on Brent Crude Oil
The BRENT.CMD/USD pair has been trading in a medium-term ascending channel pattern since the end of December 2018. The pair re-tested the lower boundary of the channel pattern at 66.50 during last week’s trading session.
As for the near future, it is likely that the Brent crude oil prices will continue to appreciate and potentially hits the $70 mark before the end of March trading session.
Moreover, the three simple moving averages are below the price level, and technical indicators suggest that bullish traders could push the commodity prices further north.
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