Patterns: BRENT.CMD/USD, LIGHT.CMD/USD
|BRENT.CMD/USD 4H Chart: Bulls likely to prevail
The Brent crude oil prices have surged by 14.18% during the last two weeks. The BRENT.CMD/USD exchange rate breached the $48 level during the morning hours on Wednesday.
All things being equal, the commodity could continue to trend bullish through the following trading sessions. The potential target for bulls would be near the $50 mark.
On the other hand, the crude oil could make a brief retracement towards the 60.00 level within this week's trading session.
LIGHT.CMD/USD 4H Chart: Buying signals
The Light crude oil prices have been edging higher in an ascending channel pattern since November 8. The LIGHT.CMD/USD exchange rate has surged by 20.40% since the beginning of this month.
Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, bullish traders could continue to pressure the crude oil prices higher during the following trading sessions.
However, a resistance level at the 47.00 area could provide a barrier for bulls within this week's trading sessions.
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