Oil stabilized above 38.50, which becomes a support, and that may extend the bullishness towards 61.8% Fibonacci at 41.40.
In fact, RSI is touching 70.00, but the bullishness is favored, as prices stabilize above 39.00 levels.
We will be bullish so long as 38.40 hold, as coming below it will force us to close any longs.
Support: 39.00 – 38.40 – 37.20
Resistance: 40.00 – 40.60 – 41.40
Direction: Bullish