Oil Declines After Failing To Stabilize Above 39.70

declined after failing to stabilize above 39.70 – 61.8% Fibonacci – in Asian session, but this decline is still limited above 38.80, which contradicts with RSI and ADX signs.

Crude Oil Chart

Crude Oil Chart

Moving averages are positive, but the candlesticks over 4-hour show signs of corrections.

Hence, we will be neutral to see how oil will behave around 38.

Support: 38.85 – 38.00 – 37.60

Resistance: : 39.70 – 40.00 – 40.95

Direction: Neutral

The article Oil Declines After Failing To Stabilize Above 39.70 was originally published at investing.com-commodities.