Technical Analysis
17.03.2023, 06:22

Oil trades near December 2021 lows

Yesterday, Brent oil traded in different directions in the range of $72.00-$75.60 and closed the day without significant changes. Today, oil was also trading in a narrow range of $74.45-65, remaining near the lows of December 2021. On the hourly chart, Brent is still trading below the MA (200) H1 moving average line ($81.20). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and as long as Brent remains below MA 200 H1, it may be necessary to look for entry points for selling to form a correction.

  • Resistances levels are at: $76.75, $78.75, $80.60

  • Support levels are at: $71.75-00, $69.25, $65.90

Probably, the main scenario is to move forward is to resume falling towards $72.00 (Mar 16 low).

The alternative scenario is consolidation above the MA 200 H1 followed by a rise to $86.85 (Mar 7 high).

Symbol Bid Ask Time

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