For short-term outlook, crude oil currently is in bullish bias. A correction move has occurred to within support area at 47.47-47.87. I plan to look for bullish signal confirmation within the support area with 48.30 as target and 48.60 in extension.

Be careful if the market managed to break below 47.47 because it will turn the intraday bias to bearish and possibly will push oil down to 47.20-46.99.

Plan: Buy within 47.47-47.87; target at 48.30 or 48.60

Oil Chart:

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