Intraday bias for crude oil currently is bearish. Hourly stochastic is overbought. My trade plan is to look for bearish setups on a pull-back move to within the intraday resistance area at 50.01-50.52 in order to go short with 49.69 as target and 49.18 in extension.

Be careful if the market managed to break the resistance 50.52 because it will turn the intraday bias to bullish and possibly will push oil price up to 50.84-51.35.

Plan: Sell within 50.01-50.52; target at 49.69 or 49.18

Oil Chart:

2 thoughts on “Crude Oil is Under Pressure Again”

  1. Teboho Faro says:

    very stop on

    1. Teboho Faro says:

      very spot on I mean

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