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Crude oil (CL) continues to consolidate around $59.62, this time above 2/8 Murray and showing signs of exhaustion, so it is likely that there will be a sharp break in the upward trend channel in the coming days, and we could expect a technical correction.
If crude oil breaks and consolidates above $59.80 in the coming hours, the outlook could be positive. Thus, WTI could reach the 3/8 of Murray at $60.93 and finally the 4/8 of Murray at $62.50.
A consolidation below $59.37 could be a signal to enter short positions. Therefore, we would expect the WTI price to fall towards Murray's 1/8 at $57.81 and finally to Murray's 0/8 at $56.25.
The Eagle indicator is showing a negative signal, so we will look for opportunities to open short positions below $60.90. Any rebound will be seen as a signal to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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