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- Oil tests resistance MA 200 H1
Oil tests resistance MA 200 H1
Yesterday, Brent crude oil traded higher and closed the day in the positive territory around 82.35. Today, oil fell slightly, falling to 81.95. On the hourly chart, Brent is testing resistance - the MA (200) H1 (81.80) moving average line. On the four-hour chart, oil is still 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 for sale at the end of the correction.
- Resistance levels are at: 82.75, 83.35, 84.40
- Support levels are at: 80.60, 80.10, 78.60-80
Probably, the main scenario is a continuation of the decline to 80.60 (the low of the American session on Jul 31).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 85.55 (Jul 19 high).
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