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- Oil trades near January lows
Oil trades near January lows
Brent crude traded lower on Friday and closed the day in the red near 78.20. Today, oil traded in a narrow range of 77.00-78.00, remaining near January lows. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (81.00). 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 is necessary to look for entry points for selling to form a correction.
- Resistance levels are at: 79.10, 80.45, 81.20-40
- Support levels are at: 77.00, 76.35-45, 75.90
Probably, the main scenario is a subsequent decline to 77.00 (session low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 83.35 (Jul 22 high).
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