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- Oil is trading near April 2019 highs
Oil is trading near April 2019 highs
Brent crude traded higher yesterday and closed the day in positive territory around $73.20. Crude oil traded in a narrow range of $72.80-$73.55 today, staying near the highs of April 2019. On the hourly chart, Brent is still trading above the moving average MA (200) H1 ($71.90). 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 for the formation of a correction.
Resistances levels are at: $73.65, $74.00, $75.00
Support levels are at: $71.90, $70.70-00, $69.95
Probably, the main scenario is a further rise to $73.65 (Jun 14 high). An alternative scenario is consolidation below MA 200 H1 with a subsequent decline to $68.75 (May 31 low).
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