Crude oil is testing Fibonacci resistance area on hourly chart, while 20 MA and 50 MA are still falling on H4 chart. I plan to look for bearish setups today on oil within the resistance area at 44.75-45.35 with 44.22 as target and 43.69 in extension.

Be careful if the market managed to break above 45.35 because it will turn the intraday bias to bullish and possibly will push oil up to 45.62-45.95.

Plan: Sell within 44.75-45.35; target at 44.22 or 43.69

Oil Chart:

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.