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Commodities

Brent Crude Oil Tests Resistance at $91.13 Amid Overbought Conditions

Guavy AI Editorial Team
Instruments
Oil
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Brent Crude Oil is currently trading at $91.30 on the 4-hour chart, testing the resistance area at $91.13 after a strong move north from the $78.26 support area.

The price is sitting comfortably above both the 50 EMA at $87.63 and the 100 EMA at $86.61, indicating a slight upward bias in the market.

However, the RSI is showing overbought conditions at 65, suggesting that Brent may be due for a correction if it continues to rise.

If the price breaks above the resistance area at $91.13, it could continue higher to the resistance areas at $93.78, $97.26, and $102.02.

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