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- Oil is still testing the MA 200 H1 resistance
Oil is still testing the MA 200 H1 resistance
Yesterday, Brent crude oil traded higher and closed the day in the positive territory near the price of 74.70. Today, oil traded in a narrow range of 74.40-70, remaining near yesterday's closing price. On the hourly chart, Brent is still testing the resistance - the MA (200) H1 moving average line (72.45). 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 the MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 75.10-35, 76.85, 78.20-25
- Support levels are at: 73.90, 72.45-80, 71.40-75
Probably, the main scenario is a subsequent decline to 73.90 (low of the American session on Sep 19).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 75.35 (Sep 4 high).
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