Patterns: Brent.CMD/USD, Light.CMD/USD
|BRENT.CMD/USD 4H Chart: Could make brief pullback
The international benchmark for crude oil price Brent has plunged by 14.77% since the beginning of September. The commodity breached the $40 mark on September 14.
Everything being equal, the BRENT.CMD/USD pair could make a brief retracement towards the 100– period simple moving average at 43.15 during the following trading sessions.
However, a resistance cluster at the 41.50 level could provide resistance for the crude oil price in the shorter term.
LIGHT.CMD/USD 4H Chart: Short-term surge expected
The light crude oil has declined by 14.65% since the beginning of September. The commodity tested the lower boundary of an ascending channel pattern at 36.50 on September 9.
As for the near future, the LIGHT.CMD/USD pair could continue to edge lower. A breakout might occur through the bottom border of the channel pattern within this week's trading sessions.
However, the crude oil price is expected to make a brief pullback towards the $40 mark during the following trading sessions.
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