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- Oil is trading above MA 200 H1
Oil is trading above MA 200 H1
Brent crude traded higher on Friday and closed the day in positive territory around $75.85. Today, on the contrary, oil dropped slightly, dropping to $74.75. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($73.25). 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: $76.35, $76.90, $78.20
Support levels are at: $73.85, $72.20-70, $70.15
Probably, the main scenario is a further rise to $76.35 (Jul 30 high). An alternative scenario is consolidation below MA 200 H1 with a subsequent decline to $67.55 (Jul 20 low).
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