Brent Crude Oil Takes Pause as Momentum Falters

Brent crude oil prices took a pause on October 2nd to catch their breath after a recent rally. The price decline was not unexpected, as it unwound some of its overbought conditions in the relative strength indicators. A bearish crossover has emerged, which may have given the price a chance to gather momentum and continue its gains.

The price is still above the EMA50, providing continued support for the commodity's recovery. This breakout above a short-term bearish trend line is also a positive sign, as it reinforces the chances of recovery in the near term.