The US sweet crude oil has surged by 161.81% since the end of April. The commodity breached the $26 mark during last week's trading sessions. The pair were guided higher by the 50– period simple moving average.
Technical indicators suggest buying signals on both the 4-H and the daily time-frame charts, most likely, the LIGHT.CMD/USD pair will continue to surge during the following trading sessions. The possible target for bullish traders would be at the $30 mark.
On the other hand, the weekly resistance level at 27.77 could provide resistance for the Light crude oil within this week's trading session.