Brent oil has pulled back from the five-month high of $74.28 hit earlier today, but the price is still holding well above $72.80, which is the 61.8 percent Fibonacci retracement (golden ratio) of the drop from the October highs to December lows. As of writing, Brent is changing hands at $73.78 per barrel, representing a 2.57 percent gain on the day, with the 14-day relative strength index (RSI) at 76.08 – the highest levels since October. Put simply, brent is most overbought in five months. Overbought readings on the RSI do not imply bearish reversal but represent temporary bullish exhaustion, which usually yields a minor pullback or consolidation. Any dips will likely be short-lived, as the US is reportedly planning to force the Iranian oil imports to zero. Daily chart Trend: Overbought FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD revisits 1.3000 mark despite Easter Monday, Brexit pessimism FX Street 4 years Brent oil has pulled back from the five-month high of $74.28 hit earlier today, but the price is still holding well above $72.80, which is the 61.8 percent Fibonacci retracement (golden ratio) of the drop from the October highs to December lows. As of writing, Brent is changing hands at $73.78 per barrel, representing a 2.57 percent gain on the day, with the 14-day relative strength index (RSI) at 76.08 - the highest levels since October. Put simply, brent is most overbought in five months. Overbought readings on the RSI do not imply bearish reversal but represent… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
