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Brent oil – Pullback likely before further rally

FX:UKOIL   Crude Oil (Brent)
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.
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