Light crude oil reaches January levels

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


Due to recent events, a review of the technical chart for Light Crude oil has to be conducted. First of all, note the fundamentals, which were published throughout this week.

On Monday, crude oil prices reacted to the oil producing country cartel OPEC+ announcing that they would decrease their output targets by 100,000 barrels per day. Namely, the global supply of oil is going to be reduced. The markets took in the news, as crude prices surged. Brent oil gained nearly 4.00% and Light crude 2.50%.

On Wednesday, despite the OPEC+ production decrease, crude oil price benchmarks eventually started a decline. By the middle of Wednesday's trading, the commodity traded at levels not seen since January. US Light Crude reached the $83.00 mark and UK's Brent Crude oil traded at $89.00. Up to the middle of Thursday, the reason for the move is unknown. Some financial media outlets quote pessimism, but it is clear that it is a scapegoat during periods, when reasons for moves is unknown..

From a technical analysis perspective, the price has passed below the 85.00 mark and the support zone, which was located above it. Next target for the decline could be the late 2021 low level zone at 78.25/80.00. Further below, note the 73.10/74.00 zone, which acted as resistance during September 2021 and December 2021.

On the other hand, a recovery of the price is set to face resistance in the 85.00 mark and the 90.00 level. Note that the 90.00 level is being strengthened by the upper trend line of a channel down pattern.
Back to articles

Actual Topics

Thu, 08 Sep 2022 11:47:46 GMT

USD/CHF approaches 0.9900 level

The surge, which has followed the breaking of the channel down pattern, was heading to the 0.9900 mark. However, on September 8, the currency pair appeared to have started a decline, as it suddenly reversed and approached the 0.9700 level. A decline below the 0.9700 mark might look for support in the 50-day simple moving average near 0.9640. Further below,

Mon, 05 Sep 2022 11:08:42 GMT

German stocks continue to decline

The German stocks have reached below the 13,000.00 mark. With the start of September, the index was apparently heading to the 12,500.00 mark and the 2022 low level zone, which surrounds it. Further below, note the 12,000.00 and 11,500.00 levels If the German economy avoids a major recession and the index recovers, the index could recover and face resistance in

Subscribe to "Fundamental Analysis" feed

Abonnieren
Um mehr über die Forex/CFD Handelsplattform von Dukascopy Bank SA, sowie über den SWFX und weitere handelsbezogene Informationen zu erfahren,
rufen Sie uns bitte an oder hinterlassen Sie eine Rückrufanfrage.
Für weitere Informationen über eine mögliche Zusammenarbeit,
bitte rufen Sie uns an oder fordern Sie einen Rückruf an.
Um mehr über die Dukascopy Bank Binären Optionen zu lernen /Forex Handelsplattform, SWFX und andere Handelsbezogenen Informationen,
bitte rufen Sie uns an oder fordern Sie einen Rückruf an.
Um mehr über die Forex/CFD Handelsplattform von Dukascopy Bank SA, sowie über den SWFX und weitere Handelsbezogenen Informationen zu erfahren,
rufen Sie uns bitte an oder hinterlassen Sie eine Rückrufanfrage.
Um mehr über Krypto Handel/CFD/ Forex Handelsplattform, SWFX und andere Handelsbezogenen Informationen zu erfahren,
bitte rufen Sie uns an oder fordern Sie einen Rückruf an.
Um mehr über Business Introducer und andere Handelsbezogenen Informationen zu erfahren,
bitte rufen Sie uns an oder fordern Sie einen Rückruf an.
Für weitere Informationen über eine mögliche Zusammenarbeit,
rufen Sie uns bitte an oder bitten Sie um einen Rückruf.