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- Oil is trading near March high
Oil is trading near March high
Yesterday, Brent crude traded higher and closed the day in positive territory around the price of $45.90. Today, oil was trading in a narrow range of $45.90-05, remaining near the March high. On the hourly chart, Brent broke through and settled above the MA (200) H1 moving average line ($44.95). 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, you need to look for entry points to buy for the formation of a correction.
Resistances levels are at: $46.05, $47.00, $48.00
Support levels are at: $45.15, $44.60, $43.60
The main scenario for the pair's promotion is a subsequent increase to $46.05 (maximum on August 25).
An alternative scenario assumes a consolidation below MA 200 H1 followed by a decline to $43.60 (minimum on August 21).
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