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After reaching a high of $77.40, crude oil is showing positive signs and is expected to continue rising in the coming days, potentially reaching the +1/8 Murray around $78.12 and even the +2/8 Murray around $81.25.
Given that geopolitical tensions directly affect the price of the commodity, the WTI price is likely to continue rising in the coming days until it reaches the psychological level of $80. Therefore, any pullback, as long as the price remains within the uptrend channel, will be seen as a signal to buy.
If the price falls below the 21 SMA and breaks sharply through the uptrend channel, we could expect a technical correction, and oil could cover the gap it left around $67.20.
The Eagle indicator is showing a positive signal for crude oil, although it is reaching overbought levels. Still, the fundamental data provides a positive signal for the WTI price, so in the medium term, it could reach the psychological level of $100 per barrel.
As long as the WTI price remains above the 200 EMA around $65.21, any pullback in this area will be seen as a signal to continue buying with a target at the 2/8 Murray around $81.25.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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