For short-term outlook, crude oil is in bearish bias. A pull-back move has occurred to within resistance area at 48.07-48.52. Hourly stochastic has confirmed bearish signal, so I think it would be a good time to go short on oil with 47.65 as target and 47.34 in extension.

Be careful if the market managed to break above 48.52 because it will turn the intraday bias to bullish and possibly will push oil up to 48.80-49.52.

Plan: Sell within 48.07-48.52; target at 47.65 or 47.34

Oil Chart:

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