Crude Oil retraced mildly after touching areas below 30.00 psychological, but this bounce doesn’t affirm the bullish recovery start, as oil is still stable below the previous broken support at 32.50.
ADX is negative, while RSI shows oversold signals; hence, we may witness sharp fluctuations, but risk versus reward ratio is inappropriate now.
Support: 30.00 – 29.60 – 28.70
Resistance: 31.50 – 32.50 – 33.10
Direction: Bearish, but we will not take new positions after closing all opened taken earlier