- Analytics
- Market analysis
- Technical Analysis
- Oil still testing MA 200 H1 resistance
Oil still testing MA 200 H1 resistance
Yesterday, Brent crude traded higher and closed the day in positive territory around $110.05. Today oil also traded in a narrow range of $108.90-$109.95, staying close to yesterday's closing price. On the hourly chart, Brent is testing resistance - the moving average line MA (200) H1 ($105.70). On the four-hour chart, oil is still below the MA 200 H4 line. Based on the above, it is probably worth sticking to the south direction in trading, and as long as Brent remains below MA 200 H1, it may be necessary to look for entry points for selling at the end of the correction.
Resistances levels are at: $111.85, $114.75, $120.60
Support levels are at: $105.25-$106.20, $101.40, $99.00
Probably, the main scenario is a subsequent decline to $106.20 (low of the American session on Apr 13).
The alternative scenario is consolidation above the MA 200 H1 followed by a rise to $120.60 (Mar 25 high).
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
