Intraday bias for crude oil currently is bullish. As seen on hourly chart, market is approaching the intraday support area at. As today’s trade plan, I would like to look for bullish setups on a pull-back move to within the support area in order to go long with 50.16 as target or 50.44 in extension.

Be careful if the market managed to break the support 49.72 because it will turn the intraday bias to bearish and possibly will push oil price down to 49.55-49.27.

Plan: Buy within 49.72-49.99; target at 50.16 or 50.44

Oil Chart:

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