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- Oil remains above MA 200 H1
Oil remains above MA 200 H1
On Friday, Brent crude was traded in different directions in the range of $62.10-$63.80 and closed the day without significant changes. Crude oil also traded in a narrow range of $63.20-65 today, staying close to Friday's close. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($62.40). 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 at the end of the correction.
Resistances levels are at: $65.50, $66.00, $67.00
Support levels are at: $62.10, $60.05-35, $59.15
Probably, the main scenario - is a further rise to $65.50 (Feb 18 high). An alternative scenario - may be consolidation below MA 200 H1 with a subsequent decline to $59.20 (Feb 5 low).
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