Brent crude oil continued to decline during its recent intraday trading, erasing all the gains recorded at the beginning of this week’s opening session. The price is currently attempting to find a higher low that could help rebuild the lost positive momentum, while the main short-term trend remains bullish.

 

The dynamic support remains intact as the price continues to trade above EMA50, which enhances the chances of a near-term recovery. In addition, the relative strength indicators have reached deeply oversold levels, excessively compared with the price movement, suggesting the potential formation of a positive divergence.