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After several attempts since early April to consolidate above the 7/8 Murray line, the price of crude oil decisively broke through this strong support level, falling from $87.50 to a low of around $78.
Following a technical rebound above $78, we saw a slight recovery before the close of trading on Friday.
At the start of trading this week, crude oil is once again trading above $87.50. However, we observe a bullish gap that is likely to be filled in the coming days, and the price could fall toward the $81 level.
If the bullish momentum prevails and the crude oil price consolidates above the 200 EMA and above the 21 SMA, this could be a positive signal that could mark the start of a trend reversal, and it is likely that it will reach the psychological level of $100 over the coming days.
Given that crude oil has failed to break above the downtrend channel on several occasions, we predict a technical correction down to $81 or even to reach the 6/8 Murray level around $75 per barrel.
We should keep an eye on the $89 area to buy above this level and the $87.50 area to sell below it. These levels are decisive points for opening long or short positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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