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- Oil remains above MA 200 H1
Oil remains above MA 200 H1
Yesterday, Brent crude oil traded mixed in the range of 72.65-74.20 and closed the day without significant changes. Today, oil also traded in a narrow range of 73.50-70, remaining close to yesterday's closing price. On the hourly chart, Brent is still trading above 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 to buy for the formation of a correction.
- Resistance levels are at: 74.20, 74.45-60, 75.20-40
- Support levels are at: 72.55-65, 71.65-80, 71.20
Probably, the main scenario is continued growth to 74.20 (Dec 12 high).
The alternative scenario suggests consolidation below MA 200 H1 with a subsequent decline to 71.20 (Dec 6 low).
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