Oil declined strongly after touching SMA20 at 32.50 despite trading above this level for a while yesterday.
Currently, oil is trading below 30.00 psychological and traders succeeded in breaching 161.8% Fibonacci at 29.60.
Moving below 29.60-29.65 is a negative signal and would bring additional debasement, supported by ADX.
We need another break below 27.50 to affirm moving towards 24.60 as far as 30.50 holds.
Support: 29.00 – 28.00 – 27.50
Resistance: 29.65 – 30.00 – 30.50
Direction: Bearish