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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 zone around 71.90. Today, oil, on the contrary, rose slightly, rising to 72.40. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (74.15). 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: 73.00, 74.30, 75.25
- Support levels are at: 71.45-75, 70.45-65, 69.10-40
Probably, the main scenario is a continuation of the decline to 71.75 (Nov 12 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 76.50 (Nov 5 high).
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