Yesterday, Brent crude traded higher and closed the day in the positive territory around 90.40. Today, oil traded in a narrow range of 90.35-70, staying close to the November highs. On the hourly chart, Brent is still trading above the moving average MA (200) H1 (86.00). 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 is necessary to look for entry points to buy for the formation of a correction.
Probably, the main scenario is continued growth towards 91.50 (Sep 5 high).
The alternative scenario suggests consolidation below MA 200 H1 followed by a fall towards 82.00 (Aug 24 low).
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