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- Oil continued yesterday's growth
Oil continued yesterday's growth
Yesterday, Brent crude oil traded higher and closed the day in the positive territory around 74.00. Today, oil also rose slightly, rising to 74.20. On the hourly chart, Brent is testing the resistance - the moving average line MA (200) H1 (73.40). The situation is similar on the four-hour chart. 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 to buy to form a correction.
- Resistance levels are at: 74.30, 75.20-40, 76.30-50
- Support levels are at: 72.75-90, 71.95-10, 71.30
Probably, the main scenario is a resumption of decline to 72.90 (low of the American session on Dec 3).
The alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 75.40 (Nov 22 high).
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