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- Oil continued its decline yesterday
Oil continued its decline yesterday
Yesterday, Brent crude oil traded lower and closed the day in the red zone around the price of 73.60. Today, oil also fell slightly, dropping to 72.95. On the hourly chart, Brent is still trading below the moving average line MA (200) H1 (77.90). The situation is similar on the four-hour chart. 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: 74.40, 76.85, 77.90
- Support levels are at: 72.95, 71.80-85, 70.15
Probably, the main scenario is a subsequent decline to 72.95 (session low).
The alternative scenario involves consolidation above MA 200 H1 with subsequent growth to 84.90 (Nov 30 high).
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