On the H4 chart, we can see that 20 MA and 50 MA are still falling and oil price is still moving below 20 MA and 50 MA. On hourly chart, a pull-back move has occurred to within the confluence zone at the range of 49.57-50.13. My plan is still short on oil on bearish signal confirmation 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


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