Oil is traded in the middle of the upper Bollinger bands range thus keeping both a potential of growth in direction 46.87-47.00 (upper Bollinger band) as well as an opportunity of downward correction extension toward the middle band (support zone 43.16-43.58).
Local trending potential of the market is virtually absent (ADX readings are just half of the required trending level) suggesting probable extension of consolidation within the lower Bollinger bands (44.52-45.33).
Intraday dynamics of ADX is on a trending level, therefore sellers can regain control at any moment. Trading tactics might be either pending shorts from the middle Bollinger band (45.21-45.33) or shorts, reckoning on break of support 44.60. The closest target is 43.30.
Main scenario: Break of support 44.60 and decline to 43.30.
Alternative scenario: Upward pullback to 45.21-45.33, then downward reversal in direction 43.30 (extraday).
Shorts from 45.21-45.33 to 43.30.
Shorts, reckoning on break of support 44.60, to 43.30.