On the H4 chart, we can see that oil price is moving above 20 MA and 50 MA but halted at resistance area at 50.47. Our confluence zone is at the range of 50.30-50.47. Bearish signal has been confirmed on hourly stochastic. Therefore, I prefer short on oil based on the bearish signal confirmation within the confluence zone with 49.95 as target and 49.40 in extension.
Be careful if the market managed to break above 50.47 because it will turn the intraday bias to bullish and possibly will push oil price up to 50.79-51.14.
Plan: Sell on bearish setup confirmation within 50.30-50.47; target at 49.95 or 49.40