Oil is still bullish despite the ranging market conditions. Dips are being bought but the price is mostly sideways.
The 40.40 zone could be good for another wave of buying. A deeper pullback towards 39.90 is the final intraday support for oil bulls. If we see a bounce then 41.50 is the final level where probably sellers are. Only a daily close above 41.50 could make OIL continue towards 42.00. At this point we can see a retracement which could bring the price into the POC zone.
Many green pips,
Nenad Kerkez aka Tarantula FX