TradingClue

Pullback on Brent Crude Oil expected

Short
OANDA:BCOUSD   Brent Crude Oil
Lately, Brent Crude Oil was pretty strong and it looked like even the surge of omicron cases couldn't stop it.
Though BCOUSD is still in an uptrend, a midterm pullback could happen in the next days, since there are several signs of a reversal:
  • CCI and the oscillator of the MACD are making lower highs while the BCOUSD price is still making higher highs - this is a bearish divergence setup
  • Price is at the upper border of the bollinger bands
  • RSI is almost in the overbought area
  • Price went up to levels it hasn't been since years
Maybe it's time for a correction/ pullback to the monthly pivot point at around $75USD. The pivot point hasn't been touched yet - most of the past monthly pivots have been crossed by price.

⚡ ProDivergence buy.stripe.com/3cs14e15h6FiaBy6oo
⚡ ProTrend buy.stripe.com/4gweV49BN5Be4da8wx
⚡ GET THE CCIDivergence STUDY FOR FREE: bit.ly/CCIDivFree
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.