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- Brent crude oil remains near a 5-week low
Brent crude oil remains near a 5-week low
On Friday, Brent crude oil was trading in the range of 74.90-75.72, remaining near the 5-week low of 74.73 and closed trading near the price of 75.28. Today, oil started trading in the range of 75.49-82. On the hourly chart, Brent remains below the MA (200) H1 moving average line (76.41) and below MA (200) H4 (77.24) on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and as long as Brent remains below the MA 200 H1, it is necessary to look for entry points for sale.
Resistance levels are at: 76.05, 77.35, 78.00-10
Support levels are at: 74.73, 74.18, 73.02
The main scenario for the pair's advance implies a breakout of the support 74.73 (Feb 6 low) and there may be a decline to 74.18 (Dec 31 low)
The alternative scenario assumes a breakout of resistance 76.05 (Feb 6 high), an increase to MA (200) H1 (76.41) and then, maybe, to 77.35. (Feb 4 high)
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