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- Oil is still testing the MA 200 H1 resistance
Oil is still testing the MA 200 H1 resistance
Yesterday, Brent crude oil traded lower and closed the day in the red zone near the price of 73.15. Today, oil traded in a narrow range of 72.65-73.30, remaining near yesterday's closing price. On the hourly chart, Brent is testing the resistance - the MA (200) H1 moving average line (73.05). 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 the MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 75.20-40, 76.30-50, 78.45
- Support levels are at: 72.70, 71.30, 70.95
Probably, the main scenario is a resumption of growth to 75.20 (Nov 25 high).
The alternative scenario suggests consolidation below MA 200 H1 with a subsequent fall to 70.95 (Nov 18 low).
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