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.

Omkar Godbole FXStreet Contributor

4-hour chart

Daily chart

Trend: Cautiously bullish

Brent Oil

Overview
Today last price	71.94
Today Daily Change	0.09
Today Daily Change %	0.13
Today daily open	71.51

Trends
Daily SMA20	69.15
Daily SMA50	66.99
Daily SMA100	63.23
Daily SMA200	69.09

Levels
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

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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