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Crude oil is trading around $58.11 above the 200 EMA and above the 1/8 Murray level, which suggests it could continue its rise in the coming days until the price reaches the psychological level of $60.00.
If WTI consolidates above $57.80 in the coming hours, any pullback will be seen as an opportunity to open long positions, with a target at $58.30.
A decisive break above the downtrend channel while consolidating above the 200 EMA could be a clear signal for a bullish outlook. In the short term, WTI could reach $59.37 around 2/8 Murray and eventually reach 3/8 Murray at $61.50.
A pullback and consolidation below $57.50 could mean a continuation of the bearish movement, during which the price could reach the key support of the 0/8 Murray around $56.25. WTI could even reach the bottom of the downtrend channel around $55.60.
Given that crude oil is showing a strong positive signal, our outlook remains bullish. So, at current price levels, we could enter long positions or wait for a technical correction and continue buying over the next few days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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