Price is bouncing off the 20 . There is however overhead resistance (previous high at $47.72), high and high to work through. Instead of buying into resistance, wait for a deeper retracement before buying or wait for a strong breakout of resistance with a weak retest before buying.
If I am a bear?
After such a strong move yesterday (based on OPEC announcement to cut oil production) bears should be patient before taking short opportunities. Price is currently at the high of the and close to the high (4H chart). This however does not means that price will automatically reverse. Strong moves are usually followed by another leg up. Wait for price action to turn at these resistance zones before considering short trades. Look for strong breakdown pullbacks. Target could be the low of the . There is also resistance at $46 zone.