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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday, Brent crude oil traded higher and closed the day in the positive territory around 70.05. Today, oil traded in a narrow range of 70.00-30, remaining close to yesterday's closing price. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line (71.25). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while Brent remains below MA 200 H1, it may be necessary to look for entry points for selling to form a correction.
- Resistance levels are at: 70.65, 71.10, 71.65
- Support levels are at: 69.55, 68.65-85, 68.00
Probably, the main scenario is a continuation of the decline to 69.55 (low of the American session on Mar 11).
An alternative scenario suggests consolidation above MA 200 H1 with subsequent growth to 74.00 (Mar 3 high).
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