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- Oil tests support for MA 200 H1
Oil tests support for MA 200 H1
Yesterday, Brent oil traded lower and closed the day in the red zone around the price of 80.75. Today, oil, on the contrary, has grown slightly, rising to 81.50. On the hourly chart, Brent is testing the strength of support - the moving average line MA (200) H1 (80.85). On the four-hour chart, oil still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while Brent remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 82.55, 83.20, 83.90
- Support levels are at: 80.65, 78.70-79.05, 77.80
Probably, the main scenario is continued growth to 82.55 (the high of the American session on Jan 31).
The alternative scenario is consolidation below MA 200 H1 followed by a decline to 77.80 (Jan 22 low).
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