Brent oil rose to $75.58 yesterday – the highest level since Oct. 31 only to end largely unchanged on the day at $74.30. Essentially, Brent created a candle with a long upper wick. Notably, the candlestick has been formed following a solid rally to near 6-month highs. Hence, it could be considered a sign of buyer exhaustion. Further, the relative strength index (RSI) on the 4-hour chart has diverged in favor of the bears. So, a deeper pullback could be in the offing. So far, however, the oil benchmark has managed to defend the support at $73.96. A break below that level would validate the bull exhaustion signs and open the doors to $70.76 (April 16 low). Daily chart 4-hour chart Trend: Bearish Pivot Points 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 Gold again aims for $1280 break as traders remain cautious FX Street 4 years Brent oil rose to $75.58 yesterday - the highest level since Oct. 31 only to end largely unchanged on the day at $74.30. Essentially, Brent created a candle with a long upper wick. Notably, the candlestick has been formed following a solid rally to near 6-month highs. Hence, it could be considered a sign of buyer exhaustion. Further, the relative strength index (RSI) on the 4-hour chart has diverged in favor of the bears. So, a deeper pullback could be in the offing. So far, however, the oil benchmark has managed to defend the support at $73.96.… 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.
