FX.co ★ Oil is very close to providing a new bearish signal.

Green area- support

Yellow area- resistance

Oil price is trading below $75. Price is trading on top of the green support area and is very close to breaking below it. A break below the green support area would be a new bearish signal. So far price has made a new lower low on an intraday basis and the RSI has provided a bullish divergence. If Oil price breaks on a daily basis below $75, then we should expect price to fall towards $70. Short-term trend remains bearish as price continues making lower lows and lower highs.