- Analytics
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- Technical Analysis
- Oil is trading near a 10-day low
Oil is trading near a 10-day low
Yesterday, Brent crude oil mostly declined from 80.60 to 78.55 and closed the session at 79.45. Today, oil started trading in a narrow range of 79.05-55, much lower than the closing price of yesterday's session. On the hourly chart, Brent may test the strength of the MA (200) H1 (80.00) moving average line, but on the four-hour chart it remains above MA (200) H4 (75.85). Based on the above, it is probably worth sticking to the northern direction in trading and as long as Brent remains above the MA 200 H4, it is necessary to look for entry points to buy.
Resistance levels are at: 80.00, 81.10, 82.00
Support levels are at: 78.55, 77.30, 75.90
The main scenario for the pair's advance implies a breakout of MA (200) H1 (80.00) and 81.10 (Jan 20 high) and there may be an increase to 82.00 (Jan 17 high)
An alternative scenario assumes a breakout of the support 78.55 (Jan 21 low), followed by a likely decline to 77.30 (Jan 10 low)
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