Intraday bias for oil currently is bearish. The market now is testing resistance area at 53.24-53.69. As today’s trade plan, I would like to look for bearish setups on a pull-back move to within the resistance area in order to look for sell signal confirmation with 52.97 as target or 52.52 in extension.

Be careful if the market managed to break the resistance 53.69 because it will turn the intraday bias to bullish and possibly will push oil price up to 53.96-54.41.

Plan: Sell within 53.24-53.69; target at 52.97 or 52.52

Oil Chart:

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