Intraday bias for crude oil currently remains bullish in general. As seen on H4 chart, a bullish falling wedge pattern is emerging but not confirmed yet. As mid-term trade plan, I would like to wait until the pattern confirmed and that would be a break above the pattern’s upper line, with 53.20 as target and 53.73 in extension.

On the other hand, the market currently is moving within the mid-term support area at 52.33-52.87. A bullish signal within the support area possibly will be followed by rebound up to 53.20-53.73.

Be careful if the market managed to break the support 52.33 because it will turn the intraday bias to bearish and possibly will push oil price down to 52.00-51.47.

Plan A: Buy on bullish wedge confirmation; target at 53.20 or 53.73
Plan B: Buy within 53.23-53.02; target at 53.20 or 53.73

Oil Chart:

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