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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday, Brent crude oil traded lower and closed the day in the red near 70.10. Today, oil traded in a narrow range of 69.65-70.20, remaining near yesterday's closing price. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (75.05). 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: 72.25-65, 74.00, 74.70
- Support levels are at: 69.10, 68.00, 67.00
Probably, the main scenario is a subsequent decline to 69.10 (Sep 10 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 80.25 (Aug 29 high).
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