The light crude oil has been appreciating in an ascending channel pattern against the US Dollar since the end of December. The commodity bounced off from the bottom border of the channel pattern at 42.44 on December 26 and followed by 19% gained.
The LIGHT.CMD/USD breached the 200-hour simple moving average at 49.78 during the end of yesterday’s trading session.
Everything being equal, it is likely that the commodity price will continue moving higher towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 52.83.
The LIGHT.CMD/USD breached the 200-hour simple moving average at 49.78 during the end of yesterday’s trading session.
Everything being equal, it is likely that the commodity price will continue moving higher towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 52.83.
Currently, the LIGHT.CMD/USD is trading near the resistance level has mentioned above.
If the resistance line holds, the pair will make a brief retracement towards the 200-hour simple moving average at 49.75.
Although, if the price passes the weekly R1 at 52.84, it is likely that bullish traders could aim for the upper boundary of the channel pattern at 53.94 during the following trading sessions.