It seem that it’s getting harder for oil to stay within the upper Bollinger bands 40.84-42.10. Though the next strong support stands very close at 39.54 (lower Bollinger band), therefore an ongoing situation can still be considered a flat.
Local potential of ADX indicator remains at extremely low level. This kills bears’ chances for breaking support 40.50-40.84. Thus we can consider short-term longs from this area in direction 41.79-42.10.
Intraday trending bearish potential is in place. But according to domination of senior tendencies let’s suppose that sellers won’t go below 40.65-40.84. The price might retrace to resistances 41.34 and 41.59-41.79 today.
Decline to 40.65-40.84, then upward reversal to 41.34 and 41.59-41.79.
Longs from 40.65-40.84 to 41.34, 41.59, 41.79.