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Brent oil – bearish price RSI divergence intact

FX:UKOIL   Crude Oil (Brent)
Resistance - $49.40, $50.00, $50.98

Support - $48.86, $48.26, $47.69

  • Brent’s rebound from daily 10-MA level ($47.36) yesterday followed by a day end closing above $48.26 has kept hopes alive for break above recent high of $49.81.
  • However, bearish price RSI divergence would be nullified only in case of a day end closing above $49.81.
  • Hence, there is scope for a drop today if - failure to take out $49.40 is followed by a break below Asian session low of $48.86. In such a case, support at $48.26-47.69 stands exposed.
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