Once again, oil failed in achieving considerable upside actions above the channel seen on the provided graph after failure to stabilize above 46.15 and above moving averages.
ADX is negative and RSI is near 30.00, but tends to move downwards; therefore, we will be bearish.
A break below 44.00 is required to affirm the bearishness proposed for intraday trading.
Support: 44.50 – 44.00 – 43.30
Resistance: 45.00 – 45.50 – 46.15
Direction: Bearish