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- Oil is trading near December lows
Oil is trading near December lows
Yesterday, Brent crude oil traded lower and closed the day in the red near 73.20. Today, oil traded in a narrow range of 73.10-40, remaining near December lows. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (77.55). 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 to form a correction.
- Resistance levels are at 74.70, 75.35, 76.85
- Support levels are at 72.90, 72.55, 71.55-60
Probably, the main scenario is a resumption of the decline to 72.90 (Sep 4 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 81.30 (Aug 26 high).
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