Technical analysis

18 October 2021

13:25 Oil continues to rise on Friday

Brent crude traded slightly higher on Friday and closed the day in positive territory around $85.05. Today oil is slightly higher, rising to the level of $86.25. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($83.40). The situation is similar on the four-hour chart. Based on the above, 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: $86.25, $87.00, $88.00

  • Support levels are at: $84.50, $82.45-60, $79.35-60

Probably, the main scenario is a subsequent rise to $86.25 (session high). An alternative scenario is consolidation below MA 200 H1, followed by a decline to $75.70 (Sep 23 low).

18 October 2021, 13:36

Gold is testing support for MA 200 H1

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