Intraday bias for crude oil remains bearish. 20 MA and 50 MA are still falling on hourly chart and the market remains below them. As today’s trade plan, I would like to look for bearish setups on a pull-back move to within the resistance area at 48.73-49.24 in order to look for sell signal confirmation with 48.41 as target or 47.89 in extension.
However, if no such pull-back occurs, a break below 47.89 might open the way for deeper bearish move towards 47.37-46.80.
Be careful if the market managed to break the resistance 49.24 because it will turn the intraday bias to bullish and possibly will push oil price up to 49.56-50.08.
Plan A: Sell within 48.73-49.24; target at 48.41 or 47.89
Plan B: Sell on break of 47.89; target at 47.37 or 46.80