Oil Futures-February Settlement- moves below 36.05 along with negativity on moving averages and ADX.
RSI moves bearishly despite touching 30.00 levels, which are negative catalysts that will lead to another drop.
On the downside, targets reside at 34.20-34.15 regions and the bearishness is valid as far as 37.75-resistance- holds.
We prefer to see stability below 37.35 to affirm the negative scenario.
Support: 35.00 – 34.15 – 33.60
Resistance: 36.05 – 36.60 – 37.35
Direction: Bearish