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- Oil rose slightly
Oil rose slightly
On Friday, Brent crude oil traded lower and closed the day in the red zone around 71.25. Today, oil, on the contrary, rose slightly, rising to 71.55. On the hourly chart, Brent is still trading below the moving average line MA (200) H1 (73.65). 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 72.60, 73.35, 74.30
- Support levels are at 70.95, 70.45, 69.40
Probably, the main scenario is a continuation of the decline to 70.95 (Nov 13 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 76.30 (Nov 7 high).
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