- Analytics
- Market analysis
- Technical Analysis
- Oil is trading near a 5-month high
Oil is trading near a 5-month high
Yesterday, Brent crude oil was trading in the range of 80.55-81.91 (about a 5-month high) and closed the session near the price of 80.95. Today, oil began trading in the range of 80.60-8120. On the hourly chart, Brent is trading above the moving average line of MA (200) H1 (77.25) and on the four-hour chart above MA (200) H4 (74.46). Based on the above, it is probably worth sticking to the northern direction in trading and while Brent remains above MA 200 H1, you need to look for entry points to buy.
However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the 70 level, which signals a possible change in the direction of price movement.
Resistance levels are at:81.91, 82.85, 83.60
Support levels are at: 80.55, 78.66, 77.23
The main scenario for the pair's advance implies a breakout of the support 81.91 (Jan 13 high) and there may be an increase to 82.85 (August 12’ 2024 high)
An alternative scenario assumes a breakout of the support 80.55 (Jan 13 low), followed by a likely decline to 78.15 (low of the American session on Jan 10)
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