Brent oil – Pullback likely before further rally
Brent’s five day winning streak has pushed ended up setting a bearish price RSI divergence on the hourly chart.
The daily and hourly money flow index is overbought as well. We also have a breach of hourly rising trend line.
However, the daily RSI is rising and is yet to hit the overbought territory.
Hence, it is safe to anticipate a minor pull back in prices before $50.00 could be breached.
The pullback could take prices to $48.80-$48.50.
The daily and hourly money flow index is overbought as well. We also have a breach of hourly rising trend line.
However, the daily RSI is rising and is yet to hit the overbought territory.
Hence, it is safe to anticipate a minor pull back in prices before $50.00 could be breached.
The pullback could take prices to $48.80-$48.50.
