Brent is sitting just abv the falling trend line level of $40.50. Bu the question is will it last.
I had shown the negative price RSI divergence in my post Brent attacking trend line resistance, but likely to fade the spike earlier today.
The divergence stays intact and I would look to enter fresh shorts unless I see a daily closing above the trend line.
The latest spike was triggered by the US government weekly inventory data, which showed a draw in gasoline. However, that is unlikely to calm market fears as US stocks just hit another record high.
Nevertheless, rising oil is supporting risk sentiment.