Technical Analysis
20.11.2020, 06:21

Oil remains above MA 200 H1

Yesterday Brent crude was traded in different directions in the range of $43.70-$44.50 and closed the day without significant changes. Oil was also trading in a narrow range of $44.05-30 today, staying close to yesterday's closing price. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($43.15). The situation is similar on the four-hour chart. Based on the above, 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: $45.10, $45.65, $46.10

  • Support levels are at: $42.60-00, $41.60, $39.85

Probably, the main scenario - is a subsequent rise to $45.10 (Nov 11 high). An alternative scenario - may be consolidation below MA 200 H1 with a subsequent decline to $39.85 (Nov 9 low).

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