Oil stabilizes below 37.75 and that is a negative catalyst along with trading below moving averages, which support extending the bearish tendencies after failure to take out SMA20.
On the downside, 36.05 is targeted and clearing this level is required to take oil towards 35.75 and 35.00.
Anyway, we remain bearish as far as 39.25 remains intact and preferably below 38.60.
Support:37.35 – 36.60 – 36.05
Resistance: 37.75 – 38.60 – 39.25
Direction: Bearish