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- Oil continued yesterday's growth
Oil continued yesterday's growth
Yesterday, Brent crude oil traded higher and closed the day in the positive territory around the price of 84.35. Today, oil also rose slightly, rising to 84.55. On the hourly chart, Brent is still trading below the moving average line MA (200) H1 (85.75). 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: 85.15, 86.70, 87.65
- Support levels are at: 82.10-30, 81.55, 81.10
Probably, the main scenario is a continued decline to 82.30 (May 8 low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 89.60 (Apr 26 high).
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