Brent Technical Analysis: Bearish 4H RSI divergence invalidated

  • Brent oil dropped to 4-hour chart 50-candle moving average (MA) yesterday, as expected, only to stage a strong bounce and close above $71.70 engulfing Monday's price action.
  • The resulting bullish outside day candle is a bullish continuation pattern and has invalidated the bearish divergence of the 4-hour chart relative strength index (RSI).
  • More importantly, the indicator has violated the lower highs (bearish divergence) with a falling channel breakout.
  • Brent, therefore, could rise to $72.80 (61.8 percent Fibonacci retracement of $86.71/$50.29).
  • The bullish case, however, would weaken if the prices fall back below the 5-day moving average (MA), currently at $71.50.

4-hour chart

Daily chart

Trend: Cautiously bullish

Brent Oil

Today last price 71.94
Today Daily Change 0.09
Today Daily Change % 0.13
Today daily open 71.51
Daily SMA20 69.15
Daily SMA50 66.99
Daily SMA100 63.23
Daily SMA200 69.09
Previous Daily High 71.57
Previous Daily Low 70.44
Previous Weekly High 71.57
Previous Weekly Low 70.08
Previous Monthly High 68.52
Previous Monthly Low 64.01
Daily Fibonacci 38.2% 71.14
Daily Fibonacci 61.8% 70.87
Daily Pivot Point S1 70.78
Daily Pivot Point S2 70.04
Daily Pivot Point S3 69.65
Daily Pivot Point R1 71.91
Daily Pivot Point R2 72.3
Daily Pivot Point R3 73.04




Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD falls below 1.1250 as US retail sales beat expectations

EUR/USD is trading below 1.1250, extending its slide. US retail sales beat expectations with the control group rising by 0.5% in May on top of upward revisions. US-Sino trade tensions are in play.


GBP/USD falls towards 1.2600 after US retail sales

GBP/USD is trading closer to 1.2600, around the weekly lows. US retail sales beat expectations and trade tensions also boost the USD. The UK is bracing for Boris Johnson to become PM. US consumer confidence is next.


USD/JPY climbs to mid-108s as 10-year US T-bond yield erases losses

Today's upbeat macroeconomic data releases from the United States provided a boost to the greenback and allowed the USD/JPY pair to advance to a session top of 108.50.


Gold surges through $1350 level, highest since April 2018

Gold caught some aggressive bids in the last hour and surged to the highest level since April 2018, around the $1358 region.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Alone in the dark of outer space...heading to the Moon

It is almost usual practice of the Crypto market that technical extremes occur at the end of the working week – setting the stage for action over the weekend.

Read more