Oil prices gradually declined to fall back to the support area near the 22.00 handle.
This marks a third attempt in the commodity near this level. So far, prices are holding up steadily.
However, the bearish price action on the daily chart suggests that there is scope for further downside.
At the moment, however, the divergence on the Stochastics suggests the likelihood of a possible rebound.
The level near 28.00 will be the immediate target for the moment. To the downside, the psychological level of 20.00 could be the next target.
