Oil declined, trading below 37.75-previous low-, which is very negative signal along with negative signs on ADX and RSI.
However, we see oil trading above moving averages and above the descending channel, which make us worried about suggesting any new positions.
Therefore, we will be neutral now, waiting for a new reliable signal.
Support: 37.35 – 36.60 – 36.05
Resistance: 37.75 – 38.00 – 38.80
Direction: Sideways