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. I plan to look for bearish setups today on oil within the resistance area at 48.52-49.02 with 48.22 as target and 47.72 in extension.

Be careful if the market managed to break above 49.15 because it will turn the intraday bias to bullish and possibly will push oil up to 49.32-49.82.

Plan: Sell within 48.52-49.02; target at 48.22 or 47.72

Oil Chart:

One thought on “Crude Oil Remains Bearish”

  1. Arlissa Thiedt says:

    I like this plan with the specific target areas. It does seem like hard support at 48 so you analysis confirms this. My bias is a little more bullish because the summer months coming with an increase in demand and supply lower than expected on last release.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.