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- Oil tests MA 200 H1 resistance
Oil tests MA 200 H1 resistance
Yesterday, Brent crude oil traded mixed in the range of 71.70-73.95 and closed the day without significant changes. Today, oil traded in a narrow range of 73.25-45, remaining close to yesterday's closing price. On the hourly chart, Brent is testing the resistance - the moving average line MA (200) H1 (73.15). 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 MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 73.95, 74.30, 75.25
- Support levels are at: 72.70, 71.30, 70.95
Probably, the main scenario is a resumption of decline to 72.70 (Nov 19 low).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 76.30 (Nov 7 high).
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