Technical analysis

11 June 2021

13:51 Oil is trading near April 2019 highs

Yesterday, Brent crude was trading higher and closed the day in positive territory around $72.35. Oil was trading in a narrow range of $71.90-$72.45 today, staying close to yesterday's closing price. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($71.15). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while Brent remains above MA 200 H1, it may be necessary to look for buy entry points for the formation of a correction.

  • Resistances levels are at: $72.90, $74.00, $75.00

  • Support levels are at: $70.70-00, $69.95, $68.60-75

Probably, the main scenario is a further rise to $72.90 (Jun 10 high). An alternative scenario is consolidation below MA 200 H1 with a subsequent decline to $68.75 (May 31 low).

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