Oil Technical Analysis: Corrective rally could be in the offing

• Brent oil could re-test the falling (bearish) 50-hour moving average (MA), currently located at $75.26.
• The hourly chart shows a bullish divergence relative strength index (RSI). Further, oil has established a higher low pattern (also a bullish development).

Hourly chart

Current Price: $74.25

Daily High: $74.46

Daily Low: $73.49

Trend: Bullish

Resistance

R1: $74.46 (Asian session high)

R2: $75.26 (50-hour moving average)

$3: $75.96 (5-day moving average)

Support

S1: $73.94 (Asian session low)

S2: $73.07 (100-day moving average)

S3: $72.49 (June 18 low)