- Oil rallied by more than $2 to a five-day high of $77.42 yesterday and could extend gains further, albeit after a minor pullback as indicated by the short-duration chart.
- The hourly chart shows gravestone doji – bearish reversal pattern. Further, the relative strength index (RSI) shows overbought conditions.
- Thus, Brent oil could fall below $77.00 in a few hours.
Hourly chart
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Current Price: $77.22/barrel
Daily High: $77.56
Daily Low: $77.19
Trend: Bearish
R1: $77.56 (daily high)
R2: $78.08 (May 21 low)
R3: $79.16 (May 31 high)
Support
S1: $76.46 (10-day moving average)
S2: $75.65 (50-day moving average)
S3: $74.45 (May 28 low)
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