- Analytics
- Market analysis
- Technical Analysis
- Oil is trading near a 2-week low
Oil is trading near a 2-week low
Yesterday, Brent crude oil was trading in the range from 76.85-78.10, slightly above the 2-week low of 76.45 reached on Monday, and closed the session near the price of 77.60. Today, oil started trading with a slight decrease in the range of 77.17-50. On the hourly chart, Brent remains below the MA (200) H1 (79.45) moving average line, but on the four-hour chart it remains slightly above MA (200) H4 (76.70). Based on the above, it is probably worth continuing to stick 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 at the end of the correction.
Resistance levels are at: 78.10, 79.05, 80.00
Support levels are at: 76.45, 75.90-76.00, 75.10
The main scenario for the pair's advance implies an increase to 78.10 (Jan 28 high) and then, maybe, to 79.05 (Jan 24-27 high)
An alternative scenario suggests a breakout of the support 76.45 (Jan 27 low) followed by a likely decline to 75.90-76.00 (Jan 2 and 9 lows)
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