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Crude oil (WTI) is trading around $66.02 per barrel after finding good support around the 4/8 Murray and around the 200 EMA, which has a bullish bias.
In the coming hours, crude oil is expected to continue rising and could reach the 7/8 Murray around $67.18 and finally, the 8/8 Murray around the top of the uptrend channel located at $68.75.
Crude oil has surpassed resistance levels since the end of January, when it attempted to break through $65.62 on several occasions. Currently, we could expect WTI to continue rising in the coming days until it reaches the target of $68.75. Crude oil could even reach the psychological level of $70 in the short term.
On the contrary, if crude oil falls below the 6/8 Murray, we could expect the bearish cycle to resume; hence, the price may return to the 4/8 Murray support levels around $62.50.
Given that crude oil has been showing positive signs since the beginning of January, it is expected to continue rising in the coming days, so any pullback towards daily support levels will be seen as an opportunity to continue buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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