Oil declined below SMA50 at 36.80, which is a very negative signal, while ADX shows increase in bears’ power and RSI moves below 50.00.
Hence, we suggest a re-test of 38.2% at 25.50 and a break below this level will expose 35.00.
Support: 35.50 – 35.00 – 34.05
Resistance: 36.80 – 37.35 – 38.00
Direction: Bearish