Intraday bias for crude oil currently remains bullish. As seen on hourly chart, market is testing the intraday resistance area at 53.57. As today’s trade plan, I would like to look for bullish setups confirmation on a pull-back move to within the support area at 53.23-53.02 in order to go long with 53.36 as target or 53.57 in extension. If no correction occurs, a break above 53.57 possibly will be followed by another bullish move up to 53.78-54.02.
Be careful if the market managed to break the support 53.02 because it will turn the intraday bias to bearish and possibly will push oil price down to 52.89-52.68.
Plan A: Buy within 53.23-53.02; target at 53.36 or 53.57
Plan B: Buy on break of 53.57; target at 53.78 or 54.02