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Crude oil is trading around $89.27, above the 7/8 Murray line and within a symmetrical triangle pattern that has been forming since March 9. Crude oil will likely trade within this pattern in the coming days and could reach the $95.00 area. Subsequently, it could break out of the range to reach the $93 level, which serves as a decisive point for a bearish or bullish breakout.
Given that crude oil has reached the key support level of the uptrend channel, we expect a technical rebound above $87.50 or above the uptrend channel, which could be seen as a buy signal with targets at the 21 SMA around $91.87.
A break above $91.87 and above the 21 SMA could push crude oil to reach the upper band of the symmetrical triangle pattern around $97.20.
If crude oil reaches the top of the downtrend channel, this could be seen as a good opportunity to sell below $98, with targets back toward $87.
The Eagle indicator has reached oversold levels and is giving a positive signal, so crude oil will likely continue to rise in the coming days. If it breaks above $97.50, we could expect it to rebound to the psychological level of $100 again and could even reach +1/8 Murray around $112.50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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