Light Crude oil trades between two zones

Source: Dukascopy Bank SA


The price for crude oil continued to decline in August until it reached the 84.90/85.90 zone. The zone represents the 2021 high levels. The support zone was enough to cause a surge to the 93.20/95.75 zone, which appeared to be acting as resistance. In addition, the zone was being approached by the 50-day simple moving average.

A move above the 95.60 level and the 50-day simple moving average could encounter resistance in the 200-day simple moving average and the 100.00 mark. Higher above, round price levels might act as resistance until the commodity reaches the 123.20/123.85 zone.

However, an extension of the summer decline of the commodity price might look for support in the 84.90/85.90 zone, before it drops to the late 2021 support zone at 78.25/80.00.
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