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Brent oil made a sharp jump to ₹117.04 on 5-hour chart. It's been a wild, vertical climb. But right now, things seem to be dragging on. The market is inside an overbought area, and buyers may be tired. Even though prices are well above key moving averages, almost every technical tool is giving a warning signal: this rally may soon lose its impact.
I bought more than I needed, but I'm still fighting.
The latest 5-hour candle puts Brent oil directly at ₹117.04. The move ends an aggressive run, taking the price 4.6% above the 20-period moving average.
Purchasing power looks strong on paper. The price is sitting comfortably above both the Supertrend Line at ₹112.02 and the 20-period Simple Moving Average (SMA) at ₹111.77. MACD also remains bullish with a reading of 2.23 against 1.74.
Still, let's look a little closer. The Relative Strength Index (RSI) has climbed to 74.53. Also, the price is tightly holding the upper Bollinger Band. To put it bluntly, these are classic signs that buyers are getting tired.
Trading Game Plan: Be Careful
Why do these specific numbers matter so much right now?
For buyers, chasing prices here carries high risks. The safer move is to patiently wait for a decline to ₹112.15, where multiple support levels are found.
For sellers, attempting an aggressive short trade around ₹116.50 hinges on a quick decline from these overbought highs. But remember the risk: if the price exceeds ₹118.00, the sell plan will be closed.
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Key Tips for Brent Crude Oil Traders
- Brent oil trades at ₹117.04 on the 5-hour chart, which is 4.6% above its 20 SMA.
- Despite the positive MACD, the RSI at 74.53 indicates strong overbought conditions.
- Bulls should look for safe entries on pullback towards support at ₹112.15.
- Bears eyeing ₹116.50 should keep a close watch as a push above ₹118.00 nullifies the short setup.