Oil traded above 88.6% Fibonacci at 48.05 and that is the key for the next move. We see signs of bearish trend weakness according to ADX and RSI.
We need a break below this level to be bearish.
Trading below SMA20 is negative and moving beneath 50.00 is bearish.
A break below 48.05 is required to affirm.
Support: 48.05–47.40–47.00
Resistance: 48.90–49.65–50.00
Direction: Bearish below 48.05