Consolidation of the oil market is in progress, which is awaiting certainty from big players and politicians. High activity of ADX indicator is disturbing and we can treat it as a probability of an impulse as well as a false signal on flat market.
As we see downward bounce off resistance $26 for a barrel (upper Bollinger band) is being confirmed. Thus we can consider short trades in direction 24.60 and 23.34 (middle and lower Bollinger bands).
During today’s session the quotes most likely will stay within the one dollar range (25.02-26.00). We don’t see any signs of more active trading so far.
Flat in the 25.02-26.00 range.
Short term trades to both sides inside the 25.02-26.00 range,
Mid-term shorts in direction 23.34.