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Brent oil – Bullish price-RSI divergence on hourly

FX:UKOIL   Crude Oil (Brent)
Resistance - $49.55, $50.15, $50.89

Support - $48.89, $48.34, $47.13

  • Brent’s four-day losing streak may come to an end today if the bullish price RSI divergence seen on the hourly chart results in a break above $49.55 (rising trend line – black seen on daily chart ).
  • In such a case, doors would open for a test of daily 5-MA located around $50.15.
  • On the other hand, break below $48.89 would mark failure of bullish price RSI divergence and thus may yield $48.34. A daily close below the same would add credence to recent bearish move and increase odds of a drop to rising trend line (red) on the daily chat.
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