Oil moved within a narrow range since the opening of the week after touching 50% Fibonacci on Friday, but couldn’t stabilize above it with a four-hour closing.
Trading above 45.00 is positive, while coming above 45.75 will be a good catalyst for bulls.
ADX shows weakness in the uptrend, while RSI is neutral above 50.00 levels.
Thus, we will be positive, but we need a stable move above 46.75 and more positivity on ADX.
Support: 45.75 – 45.00 – 44.50
Resistance: 46.75 – 47.30 – 47.75
Direction: Bullish