Brent Crude Oil: A Closer Look at Bearish Signals

The BCO/USD chart reveals a bearish divergence; despite higher price highs, the CCI shows lower highs, signaling a potential reversal. Additionally, the CCI's presence in an overbought zone suggests the pair might be peaking.

April's monthly pivot at 85.66, like March's, remains untouched—a notable point for traders. This untouched pivot, combined with our technical indicators, hints at a possible retracement to 85.66.

In essence, the bearish divergence and overbought CCI, alongside unmet pivot points, suggest a downturn could be imminent. Traders might consider preparing for a move towards April's pivot, keeping an eye on evolving market dynamics.

Trade closed: target reached:

This was a really nice divergence ❤️
The target (the monthly pivot) was hit on the last day of the month