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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday, Brent crude oil traded mixed in the range of 71.10-72.65 and closed the day without significant changes. Today, oil also traded in a narrow range of 72.15-65, remaining close to yesterday's closing price. On the hourly chart, Brent is still trading below the moving average line MA (200) H1 (75.95). On the four-hour chart, the situation is similar. 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: 72.90, 74.00, 74.70
- Support levels are at: 71.10, 70.00-20, 69.00
Probably, the main scenario is a subsequent decline to 71.10 (Sep 9 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 80.25 (Aug 29 high).
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