Oil declined below the important level of 78.6% Fibonacci at 40.55, which will define the next move today.
Breaching below 40.55 will cause more downside actions towards 39.25 and coming below 40.00 psychological will affirm. Anyway, we will be bearish today due to the negativity on technical indicators and the main bearishness on oil futures.
Only a break above 42.80 will negate. While stable moves below 41.75 will be a good sign for bears.
Support: 40.55 – 40.00 – 39.25
Resistance: 41.00 – 41.75 – 42.80