Oil on slippery floors

Brent oil is looking south, having witnessed a bear flag breakdown on the hour chart.

As of writing, the front-month contract is changing hands at $84.26 per barrel. The RSI o the hourly and dailies is biased toward the bears. Notably, the daily RSI has rolled over from the overbought territory and has breached the rising trendline.

I would want to sell oil for re-test of $82.64 with stops above $85.14.

The broader outlook would still remain bullish as the 50-day, 100-day and 200-day are sloping upwards and are located one above the other.

 

 

 

 

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