LIGHT.CMD/USD 4H Chart: Weekly overview

The Light crude oil prices have depreciated about 4.66% against the US Dollar since last week. The pair reversed from a three-month high at 57.81 on February 22 and had since breached the 50-hour simple moving average at 56.18.
The LIGHT.CMD/USD pair tested a resistance level formed by the 50-hour SMA at 56.18 during the morning hours of today’s trading session.
If this resistance level holds, the commodity could aim for the lower band of an ascending channel pattern at 54.27.
On the other hand, if the pair passes the 50-hour SMA as mentioned above, the next target for bullish traders will be near a resistance cluster at 58.25.

Comment:

The Light crude oil tested the $58 price level during the last week. After hitting the 58.00 area, the crude oil prices began to depreciate.
Currently, the commodity is closer to the bottom border of an ascending channel pattern at 56.05 and could be set for a breakout.
If this breakout occurs, the next target for the LIGHT.CMD/USD pair will be near the 200-hour simple moving average at 54.61.
However, it is unlikely that this breakout will occur, because the 100-hour SMA at 55.80 could provide support for the pair.

Comment:

The Light crude oil appreciated about 5.53% in values against the US Dollar during the past week. The pair bounced off a support level formed by the weekly S1 at 54.63 on March 8.
The LIGHT.CMD/USD pair is trading near a strong resistance level at the 57.84 region.
If the commodity passes the resistance level, the next targets will be near the upper boundary of an ascending channel pattern at 62.02.
However, if the resistance line holds, a decline towards a support cluster at 56.53 is likely to occur.