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- Oil is still testing the resistance of MA 200 H1
Oil is still testing the resistance of MA 200 H1
Yesterday, Brent crude oil traded higher and closed the day in the positive territory near the price of 74.30. Today, oil traded in the range of 74.25-70, remaining near yesterday's closing price. On the hourly chart, Brent is still testing the resistance - the moving average line MA (200) H1 (72.85). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the northern direction in trading and while Brent remains above MA 200 H1, it may be necessary to look for entry points for buying at the end of the correction.
- Resistance levels are at: 74.70, 75.25, 76.30-50
- Support levels are at: 73.55, 72.70-80, 71.30
Probably, the main scenario is a resumption of decline to 73.55 (low of the American session on Nov 21).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 76.30 (Nov 7 high).
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