Pullback on Brent Crude Oil expected

16 Jan 2022

Lately, Brent Crude Oil was pretty strong and it looked like even the surge of omicron cases couldn't stop it.
Though BCOUSD is still in an uptrend, a midterm pullback could happen in the next days, since there are several signs of a reversal:

• CCI and the oscillator of the MACD are making lower highs while the BCOUSD price is still making higher highs - this is a bearish divergence setup
  
• Price is at the upper border of the bollinger bands
  
• RSI is almost in the overbought area
  
• Price went up to levels it hasn't been since years
  

Maybe it's time for a correction/ pullback to the monthly pivot point at around 75USD. The pivot point hasn't been touched yet - most of the past monthly pivots have been crossed by price.