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WTI crude oil is trading around $103.24, consolidating above the psychological level of $100. Crude oil is expected to continue rising in the coming days until it reaches the +1/8 Murray level around $112.50.
Given that crude oil is holding within its uptrend channel and has tested this channel support on several occasions, a pullback toward the 21 SMA around $99.63 is expected. Should crude oil reach the lower band of the uptrend channel around $97, this could be viewed as an opportunity to open long positions.
At current price levels, we can continue buying crude oil, although there is strong weekly resistance around $106.60. It is likely that if the price encounters resistance in this zone, a technical correction could occur.
The outlook for crude oil remains bullish; however, it is reaching exhaustion levels, so if WTI consolidates below its high of $106.50 in the coming hours, we could look for opportunities to open short positions with targets at the psychological level of $100 and at $97.
A decisive break of the uptrend channel formed since February 25 could change the outlook for WTI crude oil. If consolidation occurs below $96, we could expect the price to reach the 200 EMA around the 7/8 Murray line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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