Brent crude traded higher yesterday and closed the day in positive territory around $69.60. Oil was trading in a tight range of $69.55-05 today, staying close to an 8-week high. On the hourly chart, Brent is still trading above the moving average MA line (200) H1 ($66.65). 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: $70.05, $71.70, $73.00
Support levels are at: $68.45, $67.65, $66.45
Probably, the main scenario - is a subsequent rise to $70.05 (session high). An alternative scenario - may be final consolidation below MA 200 H1 with a subsequent decline to $64.40 (Apr 26 low).
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