Patterns: Brent.CMD/USD, Light.CMD/USD

Brent.CMD/USD 4H Chart: Bullish signals today

The Brent crude oil prices rose by 4.46% during the last one week. The pair breached both the 50– and 100-hour simple moving averages during this short period of time.

Currently, BRENT.CMD/USD is trading near a resistance level at 63.65. From a theoretical point of view, a pull-back is likely to occur within this trading session.

However, technical indicators flash bullish signals on both the smaller and the larger time frames.

The short-term target for the oil prices will be at a swing high of 63.65.

Brent

 

Light.CMD/USD 4H Chart: Tests resistance cluster

The Light crude oil prices edged lower by 5.45% during the last week. However, the decline was stopped by a support level formed by the combination of the weekly and the monthly pivot points at 51.41.

The LIGHT.CMMD/USD pair tested a resistance cluster at 53.58 during the morning hours of Wednesday's trading session.

If the commodity passes the resistance cluster formed by the 50– and 100-hour SMAs and the weekly PP at 53.58, the next target for bullish traders will be near a swing high of 55.59.

However, if the cluster as mentioned above holds, a potential downside movement could be expected within this session.

Light

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