The bigger picture for technical analysis: Oil has been in a bearish trend since the beginning of June. Possible new lower high in the forming.
Short term technical analysis: Price is nearing the 48-50 area, where I expect price to fall. This is further supported by a bearish divergence.
From this area price might resume the primary downtrend and form a new lower low below the 41.50 level. Possibilities for a decent R:R ratio when selling from this area.
Intraweek targets if selling could be in the low 40`s area, around the 43-42 area. Also pay attention to the influence the price of oil has on the CAD and NOK currencies.