The price of Brent crude oil rose in its recent intraday trading, affected by successful breach of the key resistance level at $64.80 and stabilizing above it. This pushed it to extend its intraday gains, especially with a continuous positive momentum due to trading above EMA50.
This comes amid the dominance of an upward corrective trend in the short term, and trading along an upward slope line. However, the price’s rise may be decelerated by the emergence of a negative crossover in the (RSI) , after they reached heavily overbought zones, suggesting the price may need to offload some of this buying pressure.
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