Light crude reveals descending pattern

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


The price for United States light crude oil pierced the late 2022 high level and then failed to reach above the $95.00 mark per barrel. Afterwards, a sharp decline started that was only slowed down by a retracement, which was caused by the start of war in the Middle East. Although, the recovery was short lived, as the price did not reach above $90.00 and the decline resumed.

Most recently, it was spotted that the broader autumn decline has been occurring in a channel down pattern. The support line of the channel was touched and acted as support in mid-November, which confirms the pattern. A pattern is confirmed once a financial instrument bounces off the resistance and support line twice. One can observe how it has happened on the daily candle chart of the price for light crude.

In the near term future, a potential recovery of the commodity price is set to face the resistance of the 200-day simple moving average near 79.00 and the 80.00 mark. Most importantly note the resistance of the upper trend line of the channel. Moreover, it is expected that the 50-day simple moving average would soon strengthen the trend line's resistance.

On the other hand, a resumption of the decline is set to look for support in the 75.00 and 70.00 levels, prior to the price reaching the 63.60/65.70 range.
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