Patterns: Light/USD, Brent/USD
|Light/USD 4H Chart: Decline is likely to continue
The light crude oil has been depreciating since the beginning of October after the commodity made a U-turn south from the upper boundary of a descending channel pattern at 76.85 on October 3.
A breakout occurred through the lower boundary of a triangle-like formation pattern at 50.59 during the end of yesterday's trading session.
As for the near future, the LIGHT.CMD/USD crude oil price is likely to continue its southern movement during the following trading sessions.
The potential downside targets will be near the bottom border of the channel pattern at 44.90.
Brent/USD 4H Chart: Breakout occurs
The BRENT.CMD/USD pair has been trading in a symmetric triangle pattern since the end of November. The commodity tested the upper boundary of the triangle pattern on December 7.
As shown on the chart, a breakout occurred through the bottom border of the pattern during the Asian trading session on Tuesday.
Given that a breakout had occurred, it is likely that the UK's crude oil price will continue to edge lower within this session.
The potential downside target for the commodity price will be near the weekly S3 at 56.03.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.