Oil has entered a sideways range below moving average 20 and below the previous recorded low at 44.00 levels.
Hence, the bearishness remains valid, while the descending channel seen on the graph is still dominating the movements.
ADX shows mixed signals, but we will neglect these signs as far as trading stabilizes below 44.00.
A break above SMA50, which intersects with the resistance of the descending channel at 44.75 will negate the bearish scenario.
Support: 43.30 – 42.50 – 41.60
Resistance: 44.00 – 44.75 – 45.00
Direction: Down