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Long

LIGHT.CMD/USD 4H Chart: Will continue to gain strength

NYMEX:CL1!   Light Crude Oil Futures
The Light crude oil prices have continued to appreciate in a medium-term channel against the US Dollar . The 50-hour simple moving average has pushed the pair towards the $60 mark.
The LIGHT. CMD /USD pair is trading near a resistance level formed by the weekly pivot point at 60.18.
If the weekly PP hold, a possible pullback towards a support cluster at 59.21 could follow within this session.
On the other hand, if the crude oil prices pass the resistance line as mentioned above, the pair might hit the $62 mark before the end of March.

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