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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday, Brent crude oil traded higher and closed the day in the positive territory near 82.55. Today, oil also rose slightly, rising to 82.70. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (83.60). 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 for selling at the end of the correction.
- Resistance levels are at 82.90, 83.35, 84.40
- Support levels are at 80.05-15, 79.65, 78.60
The main scenario is a continuation of the decline to 80.15 (Jul 25 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 86.85 (Jul 8 high).
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