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Crude oil (WTI) is trading around $63.56 per barrel, above the 21 SMA and rebounding after reaching the psychological level of $60.00.
WTI left a gap around $65.60 and is likely to continue rising in the coming days until the price reaches the 6/8 Murray and covers the gap.
Given that crude oil has been trading with a bullish bias, any pullback while the price trades above 4/8 Murray will be seen as an opportunity to take long positions.
A drop below $62.50 could mean a strong technical correction, and crude oil could reach the 200 EMA around the psychological level of $60 or even reach the 2/8 Murray around $50.37.
The Eagle indicator is showing positive signals, so we will continue to buy crude oil in the coming days, with targets at $65.62 and finally at the 7/8 Murray located at $67.18.
The H4 chart shows that WTI formed an upward trend channel early January. Crude oil is expected to move within this channel in the coming days, so we will continue to buy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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