Non-stop bearish pressures continued on oil-March settlement- and we see chances for resuming the bearishness today, supported by negative signs on ADX and moving averages.
RSI shows oversold sign, but we will ignore now, as oil trades below 161.8% Fibonacci at 29.65, which could send prices lower.
Support: 27.65 – 27.00 – 26.00
Resistance: 28.10 – 29.00 – 29.65
Direction: Bearish