13:41 Oil stays above MA 200 H1
On Friday, Brent crude was traded in different directions in the range of $78.25-$80.05 and closed the day without significant changes. Oil was trading in a narrow range of $79.50-05 today, staying close to Friday's close. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($77.65). 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: $80.30-70, $82.00, $83.00
Support levels are at: $76.90-25, $75.70, $73.40
Probably, the main scenario is a subsequent rise to $80.30 (high of the American session on Sep 28). An alternative scenario is consolidation below MA 200 H1, followed by a decline to $71.40 (Sep 9 low).
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