On the H4 chart, we can see that the death cross formed by 20 MA and 50 MA remains and oil price is still moving below 20 MA and 50 MA. On hourly chart, a death cross is also confirmed. Our confluence zone is at the range of 49.57-50.13. Hourly stochastic has crossed down. Therefore, my plan is short on oil on bearish signal confirmation on a pull-back move to within the confluence zone with 49.07 as target and 48.57 in extension.
Be careful if the market managed to break above 50.38 because it will turn the intraday bias to bullish and possibly will push oil price up to 50.69-51.19.
Plan: Sell on bearish setup confirmation within 49.57-50.13; target at 49.07 or 48.57