Patterns: BRENT.CMD/USD, BRENT.CMD/USD
|BRENT.CMD/USD 4H Chart: Likely to aim at $63
Brent Crude, the international benchmark price for purchases of oil, rose above $60 a barrel for the first time in over a week on Wednesday. The surge was attributed to a bigger-than-expected decline in the US crude inventories.
The BRENT.CMD/USD pair is currently testing a resistance level formed by the 100– period simple moving average at 60.27.
Most likely, the commodity is expected to breach the resistance level, as mentioned earlier. The pair could aim for the $63 area before the end of this week's trading session.
However, a resistance cluster at 60.92 could hinder the bullish traders in the short term.
LIGHT.CMD/USD 4H Chart: Reveals junior channel
The Light crude oil prices have risen by 12.05% in value against the US Dollar since August 7. The pair is gradually edging higher in a junior ascending channel pattern.
Currently, the commodity is stranded between SMAs. The 200-period simple moving average is providing resistance for the pair at 56.46, while the 100– hour SMA is providing support at 55.25.
Everything being equal, the LIGHT.CMD/USD will likely continue to trade in the junior ascending channel. Bulls could target the weekly R2 at 59.21 in the nearest future.
Though, the pair needs to surpass the 200-period SMA before reaching the expected forecast.
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