Brent Crude Oil - Will the 52.70 resistance stop the rally?
Brent Crude Oil went into a rally today, the $52.70 resitance level may broke if tomorrow the the price will stay above/below the $52.70 price level, which serves as a resistance currently, it is a more than realistic option that it will become a support very soon. At the moment it is unsure whether today's rise will continue or a correction is ahead of us. Based on my analysis no clear buy or sell positions are show by the current stage of the chart. For the risk lovers my guess would be a correction as a response for this rise, so short term short positions would be preferable, the RSI Oscillator shows that the underlying is overbought, but it does not mean that selling the underlying is a must in this case.
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