Oil: Trading above 1065.00 and 1062.00 stopped the bearishness and thus, we should be patient and we will be waiting for a convenient signal to enter the market.
Consecutive bearish signs appear on oil chart despite the oversold signal, but trading within the bearish channel and below moving averages support trading below 113% Fibonacci.
Technical targets are now at 34.20- Fibonacci of 127%- as trading below 113% is negative. Only a break below 37.75 will weaken the bearish scenario, but trading below 36.05 makes it a good ceiling.
Support:35.10 – 34.80 – 34.20
Resistance: 36.05 – 36.60 – 37.35
Direction: Bearish