Intraday bias for crude oil currently is bullish. As seen on hourly chart, market is testing the intraday resistance area at 51.27. As today’s trade plan, I would like to look for bullish setups on a pull-back move to within the support area at 50.73-50.40 in order to go long with 50.94 as target or 51.27 in extension. If no correction occurs, a break above 51.27 possibly will be followed by another bullish move up to 51.60-51.98.
Be careful if the market managed to break the support 50.40 because it will turn the intraday bias to bearish and possibly will push oil price down to 50.19-49.86.
Plan A: Buy within 50.73-50.40; target at 50.94 or 51.27
Plan B: Buy on break of 51.27; target at 51.60 or 51.98