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Crude oil is trading around $91.73, below the descending trend channel formed on April 7th. It is undergoing a technical correction after reaching the upper band of this channel.
During Wednesday's US session, crude oil reached the $95.85 area. This level coincided with strong resistance from the descending trend channel, so the instrument is expected to continue falling in the coming days, potentially reaching the 7/8 Murray level around $87.50.
The outlook for crude oil remains bearish. As long as the price trades below $87.50, or even if the price pulls back towards $95.85, it could be considered an opportunity to enter short positions.
A return of the crude oil price below $87.50 will be seen as a strongly bearish scenario, as technically, the price has gapped around $81.40 and is expected to fill this gap in the coming days, which could be seen as a signal to sell below the 7/8 Murray level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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