Technical Analysis
26.05.2023, 05:25

Oil trades below MA 200 H1 again

Yesterday, Brent crude traded lower and closed the day in the red at $76.10. Today, oil also fell slightly, dropping to $75.75. On the hourly chart, Brent is again trading below the MA (200) H1 moving average line ($76.05). 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: $76.85, $77.55, $78.50-65

  • Support levels are at: $75.15, $74.60, $74.15

Probably, the main scenario is a renewed decline towards $75.15 (May 25 low).

The alternative scenario is consolidation above MA 200 H1 followed by a rise to $78.65 (May 24 high).

Symbol Bid Ask Time

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