Intraday bias for oil currently remains bearish. However, the bearish momentum has turned down as market moving sideways and forming a potential descending triangle pattern. We should wait for a break below 52.71 in order to confirm the pattern. In the meantime, I also plan to look for sell signal confirmation within today’s resistance area at 53.04-53.41 with target at 52.71-52.38.

Be careful if the market managed to break the resistance 53.41 because it will turn the intraday bias to bullish and possibly will push oil price up to 53.77-54.10.

Plan: Sell within 53.04-53.41; target at 52.71 or 52.38 

Oil Chart:

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