The Light crude oil prices hit 2019 high level on Tuesday. The surge was attributed to the US sanctions against Iran and Venezuela crude oil exports and the OPEC supply cuts.
As for this week’s trading sessions, it is likely that the LIGHT.CMD/USD pair retrace down towards a support line formed by the 50-hour simple moving average at the 60.03 mark.
If the support line as mentioned above holds, the pair will continue trading in the medium-term ascending channel pattern during the following trading sessions.
As for this week’s trading sessions, it is likely that the LIGHT.CMD/USD pair retrace down towards a support line formed by the 50-hour simple moving average at the 60.03 mark.
If the support line as mentioned above holds, the pair will continue trading in the medium-term ascending channel pattern during the following trading sessions.