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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday Brent oil traded in different directions in the range of $89.50-$92.95 and closed the day without significant changes. Today, oil fell slightly, dropping to $90.05. On the hourly chart, Brent is still trading below the moving average MA (200) H1 ($92.45). The situation is similar on the four-hour chart. Based on the foregoing, 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 to form a correction.
Resistances levels are at: $93.70, $95.05, $96.25-70
Support levels are at: $88.80, $87.95, $86.20
Probably, the main scenario is to move forward is a likely decline to $88.80 (Sep 19 low).
The alternative scenario is consolidation above the MA 200 H1 followed by a rise to $97.80 (Sep 5 high).
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