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Brent oil – Bearish price-RSI divergence on daily

FX:UKOIL   Crude Oil (Brent)
Support – $46.72, $45.32, $43.89

Resistance - $48.26, $48.73, $49.81

  • Brent’s move lower yesterday has confirmed a bearish price RSI divergence on the daily chart , thus indicating prices could move lower to support at $46.72 and $45.32.
  • Intraday bearish invalidation is seen only if prices move back above Asian session high of $48.73, in which case previous day’s high of $49.81 stands exposed.
  • On a larger scheme of things, a day end closing above $48.91 would signal continuation of rally from February low.
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