Brent Oil Technical Analysis: Minor relief could be in the offing for the bears

• Oil rallied by more than $2 to a five-day high of $77.42 yesterday and could extend gains further, albeit after a minor pullback as indicated by the short-duration chart.  
• The hourly chart shows gravestone doji -  bearish reversal pattern. Further, the relative strength index (RSI) shows overbought conditions.
• Thus, Brent oil could fall below $77.00 in a few hours.

Hourly chart

Current Price: $77.22/barrel

Daily High: $77.56

Daily Low: $77.19

Trend: Bearish

Resistance

R1: $77.56 (daily high)

R2: $78.08 (May 21 low)

R3: $79.16 (May 31 high)

Support

S1: $76.46 (10-day moving average)

S2: $75.65 (50-day moving average)

S3: $74.45 (May 28 low)