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- Oil continued yesterday's decline
Oil continued yesterday's decline
Yesterday, Brent crude oil traded lower and closed the day in the red zone near the price of 79.70. Today, oil also fell slightly, dropping to 79.40. On the hourly chart, Brent is still testing the resistance - the moving average line MA (200) H1 (79.05). 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 sale at the end of the correction.
- Resistance levels are at: 80.80, 81.30, 81.80
- Support levels are at: 79.35, 78.25, 77.15-30
Probably, the main scenario is a resumption of the decline to 79.35 (Aug 27 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 82.70 (Aug 13 high).
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