Yesterday, Brent crude traded lower and closed the day in the red at $86.35. Today oil traded in a narrow range of $86.25-80, staying close to yesterday's closing price. On the hourly chart, Brent is still trading above the MA (200) H1 moving average line ($85.45). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as Brent remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: $88.65-05, $89.50, $90.20
Support levels are at: $85.50, $83.35-70, $82.20
Probably, the main scenario is a resumption of growth towards $88.65 (Jan 24 high).
The alternative scenario is consolidation below the MA 200 H1 followed by a fall to $79.15 (Jan 11 low).
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