Crude oil failed to move higher as inclines were trapped below the main resistance line of the descending channel, while four-hour candles prove that 78.6% at 48.00 represents a good resistance.
Therefore, we will be bearish, targeting 46.15 since RSI is moving downwards and ADX started to reflect the strength of the bearishness once again.
A break below 46.15 is required to affirm our negative scenario.
Support: 47.00 – 46.70 – 46.15
Resistance: 48.05 – 48.55 – 49.20
Direction: Down