During the Asian session, oil stopped its declines after failing to stabilize below 46.00 levels, while trading remains trapped below 47.30 and below moving averages.
ADX is negative and RSI14 moves below 50.00; therefore, we may witness bearish actions, but risk versus reward ratio is inappropriate due to failure to hit 46.00 regions.
In result, we will be on the sidelines.
Support: 46.65 – 46.00 – 45.40
Resistance: 47.25 – 48.05 – 49.15
Direction: Neutral.