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- Oil stays above MA 200 H1
Oil stays above MA 200 H1
On Friday, Brent crude was trading in the range of $69.20-70.15. Today, oil remains within the Friday range. On the hourly chart, Brent is still trading above the MA (200) H1 moving average line ($66.40). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the north direction in trade and while Brent remains above MA 200 H1, you should look for entry points to buy for the formation of a correction.
Resistances levels are at: $70.15, $71.70, $72.00
Support levels are at: $69.20, $68.20, $66.70
Probably, the main scenario - if the resistance of $70.15 (March 11-12 high) is broken, the price may rise to $71.70 (March 8 high).
The alternative scenario assumes a breakout of the $69.20 support (March 12 low), followed by a decline to $68.20 (March 11 low).
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