Light Crude continues to surge

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


The price for Light Crude oil has passed the 2021 high level zone. The commodity price continues to book new high levels, as it approaches the $90.00 mark. In addition, it was spotted that since late December the price has been surging in a narrow channel up pattern.

A continuation of the surge is expected to find resistance in round price levels, before the price reaches the upper trend line of the channel up pattern. Namely, note the $90.00, $95.00 and most importantly the $100.00 levels.

On the other hand, a potential decline would immediately find support in the lower trend line of the channel pattern. Below the trend line, the price for crude oil might look for support in the 2021 high level at $85.00. Further below, the $80.00 mark could stop a decline.
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