Brent Technical Analysis: Bearish RSI divergence seen in 4H chart

Brent oil is currently trading at $70.94, representing a 0.42 percent drop on the day and risks falling further, courtesy of the bearish divergence of the 4-hour chart relative strength index (RSI).

4-hour chart

As seen above, the RSI has created lower highs and lower lows as opposed to higher highs on price. The bearish divergence favors a test of the 50-candle moving average (MA) support, currently at $70.72. Acceptance below that level would further strengthen the case for a deeper pullback below $70.00.

A strong bounce from the 50-candle MA would invalidate the bearish RSI divergence.

Trend: Bearish

Brent Oil

Today last price 70.65
Today Daily Change -0.31
Today Daily Change % -0.44
Today daily open 70.96
Daily SMA20 68.95
Daily SMA50 66.8
Daily SMA100 63.1
Daily SMA200 69.1
Previous Daily High 71.24
Previous Daily Low 70.49
Previous Weekly High 71.57
Previous Weekly Low 70.08
Previous Monthly High 68.52
Previous Monthly Low 64.01
Daily Fibonacci 38.2% 70.78
Daily Fibonacci 61.8% 70.95
Daily Pivot Point S1 70.55
Daily Pivot Point S2 70.15
Daily Pivot Point S3 69.8
Daily Pivot Point R1 71.3
Daily Pivot Point R2 71.65
Daily Pivot Point R3 72.05



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