Brent Is Heading to New Lows
Brent prices are moving within the downward channel and it is too early to talk about an upside reversal. Although, the RSI indicator with a period of 14 on the daily timeframe chart has reached the oversold zone, and may signal a buy action. The entry points seem not to be bad. However, a divergence may appear that will only strengthen the buy signal. So far, no divergence has been seen. Within the H4 timeframe, we cannot observe an increase of extremum in the indicator. This means that the current price rollback, which may happen after the US Federal Reserve rate decision, is only a rollback, not a reversal. Technical support is located at $65 per barrel.
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