Forex Trading: BCOUSD Is Trending Upwards, and This May Continue

Forex Trading: BCOUSD Is Trending Upwards, and This May Continue
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BCOUSD Price Analysis – April 21

In case the Bulls maintain or increase their pressure, BCOUSD price will reach $79 price level. Should there be a price retest and the Bears defend the $70 level then, there may be a declination in price of BCOUSD.

 

BCO/USD Market

Key levels:

Supply levels: $79, $87, $98, $107
Demand levels: $70, $64, $58, $49

 

BCOUSD Long-term trend: Bullish

BCOUSD has started another bullish trend on the long-term outlook. BCOUSD reached the high price at $87 on 1st October 2018. A bearish reversal candle pattern called “shooting Star” formed at the supply level of $87 signaled the arrival of the Bears. The Bears pushed the BCOUSD price down to the low level of $49 on December 24, 2018. The Bulls opposed further reduction in BCOUSD price at $49 and a bullish reversal candle pattern called Morning star emerged. The bullish momentum pushed up the price to the extent that the barriers at $58, $64 and $70 levels were broken up and the price is currently above $70 level.

BCOUSD weekly chart, April 21

BCOUSD is currently trading above the 50 periods EMA and 21 periods EMA in which the latter is trying to cross the former EMAs upside to confirm the bullish movement. Nevertheless, the Stochastic Oscillator period 14 is at 100 levels (overbought level) trying to bend down to indicate sell signal which may be a price retest. In case the Bulls maintain or increase their pressure, BCOUSD price will reach $79 price level. Should there be a price retest and the Bears defend the $70 level then, there may be a declination in price of BCOUSD.

BCOUSD medium-term Trend: Bullish

BCOUSD is on the bullish movement on medium-term outlook. The BCOUSD has been under the pressure of the Bulls and the bullish momentum has pushed the price up to $70 level after broken up the barriers at $58, $64, $70.

BCOUSD Daily chart, April 21

The 21 period EMA has crossed over the 50 periods EMA as a bullish trend confirmation and BCOUSD is trading above the two EMAs.

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About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management