Technical Analysis
16.09.2020, 05:49

Oil tests resistance MA 200 H1

Brent crude was trading higher yesterday and closed the day in positive territory around $40.40. Oil is also slightly higher today, rising to $41.00. On the hourly chart, Brent is testing resistance - the MA (200) H1 moving average line ($41.00). On the four-hour chart, oil remains below the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading and while Brent remains below MA 200 H1, it may be necessary to look for a sell entry point at the end of the correction.

  • Resistances levels are at: $42.05, $42.80, $44.15

  • Support levels are at: $39.00-15, $36.90-15, $34.45

Probably, the main scenario - is a subsequent decline to $39.15 (Sep 15 low). An alternative scenario -  consolidation above the MA 200 H1 with a subsequent rise to $44.15 (Sep 4 high).

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