Brent oil – Bearish price-RSI divergence on daily

19 May 2016

Support – $46.72, $45.32, $43.89

Resistance - $48.26, $48.73, $49.81

• 
  Brent’s move lower yesterday has confirmed a bearish price RSI divergence on the daily chart, thus indicating prices could move lower to support at $46.72 and $45.32.
  

• Intraday bearish invalidation is seen only if prices move back above Asian session high of $48.73, in which case previous day’s high of $49.81 stands exposed.
  

• On a larger scheme of things, a day end closing above $48.91 would signal continuation of rally from February low.