- As seen above, $74.70 has emerged as strong resistance this week.
- More importantly, the several attempts made to beat that resistance have been accompanied by lower highs (bearish divergence) on the relative strength index (RSI).
- As a result, Brent could confirm a double top breakdown with a move below $73.96 – neckline support. That would create room for a fall back to $73.24.
- The case for a pullback, however, would weaken if the newfound resistance of $74.70 is breached.
Trend: Teasing pullback