Oil trades near 41.40, which is a very decisive level today. Moving above this level is a positive factor and would extend the bullishness, but we can see signs of weakness on ADX and RSI.
Hence, we are forced to stand aside although, we see chances for witnessing bullish actions above SMA20 and 50.
Support: 41.00 – 40.65 – 40.00
Resistance: 42.75 – 43.00 – 43.75
Direction: Bullish, but we will avoid trading.