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Crude oil is trading around $60.78, below 3/8 Murray and within the upward trend channel formed since January 7. Crude oil is expected to continue rising over the next few hours and could reach 4/8 Murray around $62.50.
Crude oil is struggling to continue rising as it has technically reached overbought levels. Therefore, a technical correction towards 2/8 Murray at $59.31 is expected in the coming hours, and WTI could even reach the 200 EMA around $58.14 per barrel.
A break above 3/8 Murray located at $60.93 could be a signal for a continuation of the upward movement, and crude oil could reach $62.50.
The Eagle indicator is showing overbought signals. Thus, a sharp drop is likely to occur in the coming hours, so we will look for opportunities to open short positions below $61.00.
The trend remains bullish for crude oil, but we should expect a technical correction towards the 200 EMA located at $58.14. Then, this area could be seen as a good point to open long positions during a technical rebound.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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