Oil got support from the middle Bollinger band (38.00) amid positive news from the summer futures market, where for instance russian crude grade Urals reached historical highs being traded $2 above the elite benchmark Brent.
Nevertheless a probability of further decline in direction 35.45 (lower Bollinger band) will remain in place
Strong local resistance zone 39.92-40.56 most likely won’t let market go higher that is indicated by the absence of trending readings of ADX indicator. This allows considering shorts in direction of the lower Bollinger band (37.43).
On hourly chart oil is getting support at 39.40 (middle Bollinger band) that may let market roll back to the upside once again to 39.92-40.00. Afterwards most likely we’ll see active sell-offs and as a consequence decline to 38.64.
Growth to 39.92-40.00 followed by downward reversal and decline in direction 38.64.
Longs to 39.92-40.00.
Shorts from 39.92-40.00 to 38.64.