On the H4 chart, we can see that the golden cross formed by 20 MA and 50 MA remains and oil price is still moving above 20 MA and 50 MA. On hourly chart, a golden cross has been confirmed as well. Our confluence zone is at the range of 51.53-51.05. My plan is long on oil on bullish signal confirmation on a pull-back move to within the confluence zone with 51.96 as target and 52.39 in extension.

Be careful if the market managed to break below 50.83 because it will turn the intraday bias to bearish and possibly will drag oil price down to 50.56-50.13.

Plan: Buy on bullish setup confirmation within 51.53-51.05; target at 51.96 or 52.39


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