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Crude oil (WTI) is trading around $60.35 within an upward trend channel formed since early January. Crude oil could continue to rise in the coming hours and reach the top of the trend channel around $64.06.
Given that WTI has consolidated above the 200 EMA around $58.30 in recent days, this could mean that it is preparing for a new bullish cycle and is likely to reach $60.93 and the 4/8 Murray at $62.50.
If crude oil falls below the 200 EMA located at $58.30 and consolidates below this zone, it could mean a bearish scenario, and the instrument is likely to reach the -1/8 Murray around $54.80 in the short term.
The Eagle indicator is showing a negative signal. However, we observe an inverse correlation, which is likely to enable a consolidation above $59 for the next few days.
Only a break of the uptrend channel will give us the signal to sell. Conversely, if above $59.50, we could have an opportunity to open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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