After reaching the awaited target of 45.10, oil rebounded towards areas near 88.6% Fibonacci at 46.15 as seen on the provided daily chart.
However, the bullishness is still limited below SMA20, while ADX started to give off some kind of positive signals.
RSI14 inches higher despite stabilizing below 50.00; noting that, trading is trapped below the resistance of the downside channel.
Thereby, we will be neutral to see whether oil will stabilize above SMA20 or not.
Support: 45.50 – 45.00 – 44.00
Resistance: 46.40 – 47.00 – 48.05