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- Oil tests support MA 200 H1
Oil tests support MA 200 H1
Yesterday, Brent crude oil traded lower and closed the day in the red zone near the price of 72.95. Today, oil traded in a narrow range of 72.95-73.20, remaining close to yesterday's closing price. On the hourly chart, Brent is testing the support for strength - the moving average line MA (200) H1 (73.15). 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: 73.80, 74.30, 74.75
- Support levels are at: 72.55-65, 71.65-80, 71.20
Probably, the main scenario is continued growth to 73.80 (high of the American session on Dec 18).
The alternative scenario suggests consolidation below MA 200 H1 with a subsequent decline to 71.20 (Dec 6 low).
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