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

Dukascopy Bank Team Dukascopy Bank SA

LIGHT.CMD/USD 4H chart: Bulls could prevail

The Light crude oil price has surged by 9.27% since April 26. The commodity hit a two-month high at 66.61 during this week's trading sessions.

Technical indicators suggest buying signals on the daily and weekly time-frame charts. Most likely, bullish traders could continue to edge higher during the following trading sessions. A breakout through the upper boundary of an ascending channel pattern is likely to occur.

However, the weekly resistance level at 65.71 could provide resistance for the crude oil price in the shorter term.

BRENT.CMD/USD 4H chart: Could edge higher

The Brent crude oil has surged by 7.94% against the US Dollar since last week's trading sessions. The commodity tested the $70 mark during this week.

All things being equal, the international benchmark for crude oil price Brent could continue to edge higher within the following trading sessions. The possible target for bullish traders might be near the 72.00 level.

However, the upper boundary of an ascending channel pattern at 70.35 could provide resistance for the BRENT.CMD/USD pair in the nearest future.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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