- Brent oil created a Doji candle on Friday, signaling indecision in the market.
- A pullback to levels below $63.00 could be seen on Monday.
Brent oil is operating on slippery grounds amid signs of indecision on the daily chart.
On Friday, the black gold witnessed two-way business and closed with marginal losses, forming a doji candle. Usually, that candlestick pattern represents fence-sitting. In Brent’s case, however, it has appeared following a notable rise from $60.32 to $64.24 and indicates the indecision is predominantly among the bulls.
Add to that, the bearish divergence of the hourly chart relative strength index and the shallow bars on the 4-hour chart MACD histogram and the black gold looks due for a pullback to $62.80-$62.60.
On the higher side, a close above Friday’s high of $64.24 is needed to revive the bullish setup.
Daily chart
-637102405877894658.png)
Trend: Pullback likely
Technical levels
Share
