Oil has entered free-fall zone following the breakout below 29.60 -29.65 at 161.8% Fibonacci as seen on the provided chart.
Due to this breakout, ADX becomes stronger, while RSI14 fails to show any positivity and that keeps the bearishness available, targeting 24.60 as far as 29.65 holds, while 30.00 is a psychological resistance now.
Over short-term basis, a break above 32.50 will change the situation and will be a bullish sign.
Support: 28.10 – 27.65 – 27.00
Resistance: 29.65 – 30.00 – 30.50
Direction: Bearish