Light Crude Oil breaks pattern

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


Since August 20, the price for US Light Crude Oil had been surging in a channel up pattern, as the price went from $61.80 to $85.40 per barrel. Namely, crude oil surged by almost 40.00%, as the price gained 38.47%. At mid-day on November 3, the price passed the lower trend line of the channel up pattern.

In regards to the future, the price could look for support in previous low levels and simple moving averages. In addition, resistance might be provided by the high and low level zones.

By 15:00 GMT on Wednesday, November 3, the price had approached the support zone of the late October low level and early October high levels at 79.36/80.63.

In the case that the commodity price passes the support zone, it could immediately find support in the 200-period simple moving average near 79.00. Below the SMA, the rate might find support in round price levels before reaching the late September low and high zone at 73.13/74.25.

On the other hand, a surge of the price might first encounter resistance in the 50-period SMA near 83.00, before aiming at the high level zone at 84.80/85.40.
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