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Crude oil is trading around $71.59 with an upward bias, following the latest geopolitical news over the weekend that has made a strong impact on crude oil, increasing its value. On the technical chart, we can see that it has left a gap with Friday's closing price.
After this price jump, crude oil reached the top of the upward trend channel formed since December 15 at around $73.25.
A 4-hour chart shows that crude oil is in the 7/8 Murray zone and is likely to continue rising in the coming days, but we could expect a technical correction towards the 6/8 Murray, which now represents strong support, or it could even cover the gap it left around $67.50 and then resume its upward cycle.
If crude oil continues to rise in the coming hours, we could expect it to reach the 8/8 Murray around the psychological level of $75.00 per barrel.
The Eagle indicator reached overbought levels, so we expect a technical correction towards the 6/8 Murray in the coming days, or it could even reach the 200 EMA around $63.84.
As long as the WTI price trades within the uptrend channel, any pullback will be seen as an opportunity to continue buying in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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