Technical analysis

08 April 2021

13:15 Oil remains below MA 200 H1

Yesterday, Brent crude was traded in different directions in the range of $61.55-$63.50 and closed the day without significant changes. Oil was also trading in a narrow range of $62.65-05 today, staying close to yesterday's closing price. On the hourly chart, Brent is still trading below the moving average MA line (200) H1 ($63.55). The situation is similar on the four-hour chart. Based on the above, 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 to sell on the formation of a correction.

  • Resistances levels are at: $64.25, $65.25-75, $68.20

  • Support levels are at: $61.20, $60.20, $59.10

Probably, the main scenario - is a subsequent decline to $61.20 (Apr 5 low). An alternative scenario - may be consolidation above the MA 200 H1 with a subsequent rise to $68.20 (Mar 18 high).

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