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- Oil tests MA 200 H1 resistance again
Oil tests MA 200 H1 resistance again
Yesterday, Brent crude oil traded higher and closed the day in the positive territory near 79.65. Today, oil traded in a narrow range of 79.35-79.80, remaining close to yesterday's closing price. On the hourly chart, Brent is testing resistance - the MA (200) H1 moving average line (78.65). 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 is necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 80.25, 80.80, 81.30
- Support levels are at: 78.95, 77.75, 77.15-30
Probably, the main scenario is a resumption of decline to 78.95 (low of the American session on Aug 29).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 81.30 (Aug 26 high).
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