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- Oil is traded near the lows of January
Oil is traded near the lows of January
Yesterday, Brent oil was traded with a decrease and closed the day in the red zone about $77.55. Today, oil was traded in a narrow range of $77.50-$78.10, remaining near the lows of January. On the hourly graphics, Brent is still traded below the line of the sliding medium MA (200) H1 ($84.40). On a four-hour schedule, the situation is similar. Based on the foregoing, it is likely to adhere to the southern direction in trade and while the Brent remains lower than the MA 200 H1, it may be necessary to look for the entrance to the sale of correction.
Resistances levels are at: $80.55, $82.60, $83.80
Support levels are at: $77.05, $75.70, $74.95
Probably, the main scenario is a probable further decline in $77.05 (Dec 7 low).
The alternative scenario is consolidation above MA 200 H1, followed by growth by $93.45 (Nov 17 high).
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