Brent Oil Technical Analysis: Re-test of $72.00 likely

The bulls divergence of the relative strength index (RSI) seen on the hourly chart indicates Brent oil could have a relook at $72.00 and could possibly rise further to descending 50-hour moving average (MA), currently located at $72.70.
A break below $71.35 would embolden bears.

Omkar Godbole FXStreet Contributor

Hourly chart

Current Price: $71.80

Daily High: $71.89

Daily Low: $71.57

Trend: Intraday rally likely

Resistance

R1: $72.00 (psychological hurdle)

R2: $72.70 (50-hour MA)

R3: $73.24 (50-day MA)

Support

S1: $71.35 (previous day’s low)

S2: $70.86 (April 17 low)

S3: $70.00 (psychological level)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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