Intraday bias for crude oil remains bearish. The market has pulled back into the intraday resistance area at 47.93-48.51. As today’s trade plan, I would like to look for bearish setups within the resistance area in order to go short with 47.57 as target or 46.99 in extension.

Be careful if the market managed to break the resistance 48.51 because it will turn the intraday bias to bullish and possibly will push oil price up to 48.87-49.45.

Plan: Sell within 47.93-48.51; target at 47.57 or 46.99

Oil Chart:

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