On the H4 chart, we can see that 20 MA and 50 MA has confirmed a death cross and oil price is moving below 20 MA and 50 MA. A downtrend is seen on hourly chart. Our confluence zone is at the range of 49.97-50.34. Hourly stochastic is overbought. Therefore, my plan is short on oil on bearish signal confirmation on a pull-back move to within the confluence zone with 49.75 as target and 49.53 in extension.
Be careful if the market managed to break above 50.34 because it will turn the intraday bias to bullish and possibly will push oil price up to 50.48-50.70.
Plan: Sell on bearish setup confirmation within 49.97-50.34; target at 49.75 or 49.53