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- Oil is trading below MA 200 H1 again
Oil is trading below MA 200 H1 again
Yesterday, Brent crude oil traded lower and closed the day in the red zone around 74.65. Today, oil traded in a narrow range of 74.55-95, remaining close to yesterday's closing price. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (75.20). 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 is necessary to look for entry points for selling to form a correction.
- Resistance levels are at: 75.85, 76.60, 78.45
- Support levels are at: 73.70-10, 72.70-95, 71.15
Probably, the main scenario is a continuation of the decline to 74.10 (Oct 24 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 78.45 (Oct 14 high).
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