Technical Analysis
14.01.2021, 06:19

Oil is trading near February 2020 highs

Brent crude traded lower yesterday and closed the day in the red around $56.00. Crude oil traded in a narrow range of $55.75-95 today, staying near the highs of February 2020. On the hourly chart, Brent is still trading above the moving average MA (200) H1 ($53.90). 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: $57.40, $58.00, $59.00

  • Support levels are at: $55.00, $53.90, $53.05

Probably, the main scenario - is a subsequent rise to $57.40 (Jan 13 high). An alternative scenario - may be consolidation below the MA 200 H1 with a subsequent decline to $50.45 (Jan 4 low).

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