Crude oil is testing Fibonacci resistance area on hourly chart, although a golden cross by 20 MA and 50 MA has been confirmed on hourly chart. Hourly stochastic has crossed down and I decide to be bearish today on oil. I suggest sell at market (around 49.70) with 48.65 as target and 48.17 in extension.

Be careful if the market managed to break above 50.70 because it will turn the intraday bias to bullish and possibly will push oil up to 51.08-51.98.

Plan: Sell at market (around 49.70); target at 48.65 or 48.17

Oil Chart:

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