The light crude oil has been depreciating since the beginning of October after the commodity made a U-turn south from the upper boundary of a descending channel pattern at 76.85 on October 3.
A breakout occurred through the lower boundary of a triangle-like formation pattern at 50.59 during the end of yesterday’s trading session.
As for the near future, the LIGHT.CMD/USD crude oil price is likely to continue its southern movement during the following trading sessions.
The potential downside targets will be near the bottom border of the channel pattern at 44.90.
