Yesterday, Brent crude traded lower and closed the day in the red around $84.95. Today oil traded in a narrow range of $84.95-$85.50, staying close to the January lows. On the hourly chart, Brent is still trading below the moving average MA (200) H1 ($91.45). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and as long as Brent remains below MA 200 H1, it may be necessary to look for entry points for selling to form a correction.
Resistances levels are at: $89.80-15, $91.15, $92.95-$93.45
Support levels are at: $84.30, $82.70, $81.50
Probably, the main scenario is to move forward is a likely further decline towards $84.30 (Nov 23 low).
The alternative scenario is consolidation above the MA 200 H1 followed by a rise to $97.70 (Nov 14 high).
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