Oil Futures trades below 36.05 –Fibonacci of 113%- and according to Fibonacci rules, that will open the door up towards 127.2% Fibonacci at 34.20.
RSI is moving negatively despite approaching 50.00 levels and ADX is negative.
We will depend on trading within the bearish channel in addition to coverages from moving averages to suggest bearish scenario.
Only, a break above 36.60 will cause failure and we prefer to witness stability below 36.05 to affirm the scenario.
Support: 35.10 – 34.70 – 34.20
Resistance: 36.05 – 36.60 – 37.35