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- Oil continued to fall on Friday
Oil continued to fall on Friday
On Friday, Brent crude traded lower and closed the day in the red at $86.70. Today, oil also fell slightly, dropping to $85.50. On the hourly chart, Brent is still trading below the moving average MA (200) H1 ($91.75). 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: $88.45, $90.65, $92.95
Support levels are at: $85.25, $83.75-20, $81.50
Probably, the main scenario is to move forward is a likely decline to $85.25 (Jan 1 low).
The alternative scenario is consolidation above the MA 200 H1 followed by a rise to $96.25 (Sep 14 high).
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