Brent oil – Bearish price RSI divergence on hourly

TVC:UKOIL   CFDs on Brent Crude Oil
The bearish divergence noted on the hourly chart if followed by a breach of rising trend line support around $50.50 could yield a much deeper retracement to $49.60 levels.

On the higher side, traders should watch out for a break above $51.11 as such a move could yield a rally to $52.00, although caution is advised since weekly 100-MA at $50.70 is sloping downwards.
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