Brent oil - More gains on hourly closing above $49.38
Hourly chart pattern - bearish price RSI divergence
Resistance - $50.00, $50.89, $52.00
Support - $47.79, $46.80, $45.32
Brent appears poised to test psychological level of $50.00 if prices confirm a close above $49.38 on hourly chart. Moreover, such a closing would negate the bearish price RSI divergence on the hourly chart.
Failure to do so could trigger a minor technical correction in oil prices.
However, bullish invalidation is seen only if prices see a day end closing below $48.26, in which case we would have a bearish price RSI divergence on the daily chart.
Resistance - $50.00, $50.89, $52.00
Support - $47.79, $46.80, $45.32
Brent appears poised to test psychological level of $50.00 if prices confirm a close above $49.38 on hourly chart. Moreover, such a closing would negate the bearish price RSI divergence on the hourly chart.
Failure to do so could trigger a minor technical correction in oil prices.
However, bullish invalidation is seen only if prices see a day end closing below $48.26, in which case we would have a bearish price RSI divergence on the daily chart.
