Oil traded bearishly on Friday below 38.50 alongside showing negative signs on RSI14 and ADX.
But, moving averages remain bullish, as prices move above the uptrend at 37.20 and to witness bearish actions, we need a break below this level.
Once oil fails to hit this level we will close any opened positions, while 39.00 should protect bears.
Support: 38.00 – 37.20 – 36.60
Resistance: 38.50 – 39.00 – 40.00
Direction:Bearish correction attempt.