Yesterday Brent crude was traded in different directions in the range of $81.85-$83.00 and closed the day without significant changes. Oil was trading in a narrow range of $82.05-50 today, staying close to yesterday's closing price. On the hourly chart, Brent is testing resistance - the moving average MA (200) H1 ($81.30). On the four-hour chart, oil remains below the MA 200 H4 line for now. 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 a sell entry point at the end of the correction.
Resistances levels are at: $83.40-80, $84.60, $85.95
Support levels are at: $78.20-65, $77.25, $75.65
Probably, the main scenario is a subsequent decline to $78.65 (Nov 23 low). An alternative scenario is consolidation above the MA 200 H1 with a subsequent rise to $86.70 (Oct 25 high).
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