Brent Crude Oil went into a rally yesterday and broke the short term downward trend. Now the underlying is shown to be overbought by the RSI Oscillator, which does not mean that we have to go short immediately, but it gives us the fact that Brent Crude Oil entered the overbought status based on this indicator. My suggestion would be to search for short positions as the price gets closer to the $52.09 resistance level. Our previous $52.72 primary resistance level broke and turned into a strong support level for the price. I expect a correction on the price increase after yesterday's rally, and the price to bounce back from the $52.09 resistance level.
Comment:
Still keep the idea of short in mind, it may turn down from the $54.09 resistance level.