Yesterday Brent crude was trading lower and closed the day in the red around $42.90. Today oil was trading in a narrow range of $42.45-00, remaining close to yesterday's closing price. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($41.80). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while Brent remains above MA 200 H1, it may be necessary to look for buy entry points to form a correction.
Resistances levels are at: $43.20, $43.65, $44.10-35
Support levels are at: $40.85-10, $40.15, $39.35
Probably, the main scenario - is a subsequent rise to $43.20 (Oct 15 high). An alternative scenario - may be consolidation below MA 200 H1 with a subsequent decline to $40.15 (low of the American session on Oct 5).
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