Oil trades near 3-week high

Yesterday, Brent crude traded higher and closed the day in positive territory near the price of $75.60. Today, oil traded in a narrow range of $75.10-60, remaining near a 3-week high. On the hourly chart, Brent is still trading above the moving average line AI (200) N1 ($72.90). On the four-hour schedule, the situation is similar. Based on the above, it is probably worth adhering to the northern direction in trade and while Brent remains above MA 200 H1, it is necessary to look for entry points for purchase to form a correction.

Resistance are at the following levels: $75.85, $76.90, $78.20 Support levels are located at: $73.85, $72.20-70, $70.15

The main scenario of the pair’s promotion is the subsequent increase to $75.85 (July 29 maximum). An alternative scenario involves fixing below MA 200 H1 with a subsequent decrease by $67.55 (July 20 minimum).