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- Oil tests the strength of the MA 200 H1 support
Oil tests the strength of the MA 200 H1 support
Brent crude traded lower yesterday and closed the day in the red around $50.65. Oil traded in a narrow range of $50.50-75 today, staying close to yesterday's closing price. On the hourly chart, Brent is testing the strength of the support - the moving average MA (200) H1 ($50.25). On the four-hour chart, oil remains above the MA 200 H4 line. 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 at the end of the correction.
Resistances levels are at: $51.00, $52.40, $54.20
Support levels are at: $49.15, $48.40, $47.65
Probably, the main scenario - is a subsequent rise to $51.00 (high of the American session on Dec 21). An alternative scenario - may be consolidation below MA 200 H1 with a subsequent decline to $48.40 (Dec 9 low).
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