Light crude oil pierces low level zone

Source: Dukascopy Bank SA


On June 14, the price for light crude oil broke the ascending wedge pattern, which guided the price since late April. Afterwards, a decline occurred, which took the form of a descending channel pattern. During mid-July trading, the commodity price pierced the low level zone at 93.20/95.80 and traded at levels not seen since February.

If the price continues to decline in the channel down pattern, it might look for support in the 90.00 mark and the 2021 high level zone at 84.90/85.40.

On the other hand, a breaking of the descending pattern's resistance line could find resistance in the 105.00 level, before reaching the combination of the 110.00 mark and the 50-day simple moving average.
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