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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.