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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
On Friday, Brent oil traded in different directions in the range of $72.15-$74.35 and closed the day without significant changes. Today oil also traded in a narrow range of $73.75-$74.65, staying close to Friday's closing price. On the hourly chart, Brent is still trading below the moving average MA (200) H1 ($74.85). 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: $75.35, $77.20, $77.70
Support levels are at: $72.80, $72.15, $71.65
Probably, the main scenario is the continued decline to $72.80 (the low of the American session on Jun 23).
The alternative scenario is consolidation above MA 200 H1 followed by a rise to $78.65 (May 24 high).
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