Oil broke on Friday above the 1D MA50 but sees heavey selling pressure today retracing back below, after the 4H RSI double topped on the 70.000 overbought level. In fact technically the 4H chart is about to turn neutral (RSI = 56.810, MACD = 0.880, ADX = 49.898) and will search for the 4H MA200 - 4H MA50 Zone for the first batch of buyers.
The RSI rejection is along the technical lines of previous long-term bearish moves, in particular draws comparisons with the Double Top of November 7th 2022. This will be confirmed if the Higher Lows (HL) Support breaks. That is our sell signal on which we will target the 70.00 Support.
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