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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday Brent oil traded in different directions in the range of $102.05-$105.95 and closed the day without significant changes. Today oil also traded in a narrow range of $102.75-$104.20, staying close to yesterday's closing price. On the hourly chart, Brent is still trading below the moving average MA (200) H1 ($105.30). 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 while 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: $105.95, $108.10, $110.60
Support levels are at: $101.40-05, $99.50, $96.05
Probably, the main scenario is a likely decline towards $102.05 (Aug 2 low).
The alternative scenario is a final consolidation above the MA 200 H1 followed by a rise to $110.60 (Jul 29 high).
