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- Brent crude oil rose slightly above MA (200) H1
Brent crude oil rose slightly above MA (200) H1
Yesterday, Brent crude oil mostly rose from 76.37 to 77.75 and closed the session near the price of 77.28. Today, oil started trading in the range of 77.05-32. On the hourly chart, Brent has risen slightly above the MA (200) H1 (76.33) moving average line, but on the four-hour chart it is testing MA (200) H4 (77.45). Based on the above, it is probably worth sticking to the southern direction in trading and until Brent has gained a foothold above the MA 200 H1, it is necessary to look for entry points for sale.
Resistance levels are at: 78.00-10, 79.03, 79.97
Support levels are at: 76.33, 75.49, 74.73
The main scenario for the pair's advance implies a breakout of MA (200) H1 (76.33) and there may be a decline to 75.49 (Feb 10 low)
An alternative scenario assumes a breakout of the resistance 78.00-10 (Jan 28 and Feb 3 highs) and there may be an increase to 79.03 (Jan 24-27 highs)
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