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- Oil is still testing MA 200 H1 resistance
Oil is still testing MA 200 H1 resistance
Yesterday, Brent oil traded mixed in the range of 80.45-81.80 and closed the day without significant changes. Today, oil traded in a narrow range of 81.50-00, remaining close to yesterday's closing price. On the hourly chart, Brent is testing the strength of resistance - the moving average line MA (200) H1 (81.65). On the four-hour chart, oil still remains below the MA 200 H4 line. Based on the above, it is probably worth sticking to the southern direction in trading and while Brent remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
- Resistances levels are at: 83.30-55, 84.55, 85.85
- Support levels are at: 80.45, 78.70, 77.10
Probably, the main scenario is a resumption of decline to 80.45 (Nov 23 low).
The alternative scenario involves consolidation above MA 200 H1 with subsequent growth to 84.55 (Nov 14 high).
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