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- Oil remains above MA 200 H1
Oil remains above MA 200 H1
On Friday, Brent was trading with an increase and closed the day at a positive area about the price of $87.75. Today, oil also grew slightly, rising to $88.90. On the h1 graph, Brent is still trading above the line of the moving average MA (200) H1 ($85.85). On the four-hour, the situation is similar. Based on the foregoing, it is likely to stick to the northern direction in trade and while Brent remains above MA 200 H1, you need to look for a purchase point for the formation of correction.
Resistance levels are on: $89.55, $90.00, $91.00
Support levels are on: $85.65, $84.50, $83.65-95
Probably, the main scenario is a subsequent increase in $89.55 (Jan 20 high). The alternative scenario is fixation below MA 200 H1 followed by a decrease to $80.65 (Jan 10 low).
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