Light crude recovers above 70.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The price for light crude oil found support in the summer low levels. The event was followed by a recovery, which most recently found resistance. Namely, the 73.00/74.00 zone, which had acted as resistance and support in September, provided resistance during the first half of December.

If the price passes the resistance of the 73.00/74.00 zone, the commodity might approach the 50-day simple moving average at 77.85 and the resistance of the 78.00/80.00 zone. Above the zone, the 2021 high level is located at 85.00.

On the other hand, a decline of crude oil might look for support in the 67.00/67.70 zone. The zone provided short term support in September and late November. Below the zone, note the summer low levels at 61.70/62.75.
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