Oil prices show downside tendency, with the price approaching support at $43.60, which has managed to halt the bearish direction several times during the recent period.
ADX indicator points to a downside direction, where the upside covering of the moving averages to the price is another bearish sign. Therefore, we see that the bearish direction is more possible on the intraday basis. But for the bearish direction to resume, this would require a breach to the aforesaid 43.60 level. From above, any trading below 46.00 would be negative, for today, while the stability below 45.50 would be important to keep negativity probability intact.
Support: 44.50-44.00-43.60
Resistance: 45.00-45.55-46.05
Price direction: Downside