Oil continued to decline, approaching the previous broken resistance at 46.00, while negative signs appeared on moving averages. These signs on ADX and RSI remain weak.
We need a break below 46.00 to prove the brashness; noting that, a break above 47.25 will weaken bearish chances. On the upside, coming above 48.05 will be a bullish factor.
Support: 47.25 – 46.25 – 45.00
Resistance: 47.25 – 48.05 – 49.15
Direction: Bearish below 46.00