In the near term, oil prices could remain range bound within 48/49 and 44/45 levels.
On the daily chart, the price is seen edging lower to the support level seen at 44.50 – 44.0 which is also likely to be supported by the 200-day moving average. The bullish flag pattern remains in play as long as price doesn’t break out below this main support level. A weekly close below 42.37 – 41.75 could potentially shift the bias to the downside for a stronger correction to 38.25 where the next support level is seen.
Support is seen at 44.80 – 43.40, which remains an important level which needs to contain the declines to keep any hopes of further gains to the resistance at 54.88 – 55.0 levels. A breakdown below the support could potentially invalidate any upside bias, especially if resistance can be confirmed at the freshly broken support level.