Brent Crude Oil Tumbles on Negative Signals, Further Losses Loom

Brent crude oil has declined in its recent intraday trading, retesting a broken bullish trend line on the short-term basis.

The decline was accompanied by reaching EMA50's resistance, which put it under intensive negative pressure that forced it to stop its last gains.

This comes after the emergence of negative signals from the relative strength indicators, particularly with the formation of a negative divergence on the indicators after Brent crude oil reached overbought levels.

The negative signals have increased the likelihoods of deepening these losses in the near upcoming period.