Dukascopy Bank Team
Dukascopy Bank SA
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.
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.
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