Light Crude breaks 2023 resistance range

Source: Dukascopy Bank SA


Saudi Arabia and Russia have extended their oil production cuts. Due to this reason oil price benchmarks have extended the summer rally above the 81.20/83.70 range.

From a technical perspective the rate found support in the combination of the lower trend line of the summer ascending channel and the 50-day simple moving average. Most recently, the pair passed above the 85.00 mark and confirmed it as support. Previously, the round price level stopped the rate's attempt to surge above the 81.20/83.70 range in early August.

The likely extension of the ongoing surge is expected to aim at the late 2022 high levels near 93.90. However, take into account that the surge should occur in the ascending pattern's borders. In addition, the price could be slowed down by the impact of the 90.00 mark.

In the meantime, a potential decline is expected to first look for support in the 85.00 level. Below the round level the combination of the 81.20/83.70 range, the 50-day simple moving average and the lower trend line of the channel are set to act as support.
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