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Crude oil is trading around $97.68, rebounding after reaching the $97 level, which coincides with the lower band of the uptrend channel; a technical rebound above this level could occur in the coming hours.
If crude oil consolidates above $97 in the coming hours, this could be seen as a positive signal to buy, especially since the price remains within the uptrend channel. We could expect it to reach Murray's 8/8 level around $100 and potentially even reach the $102.25 zone near the daily R_2.
Conversely, if a decisive break and consolidation below $97 happens, the price could quickly reach the 21 SMA at $95 and even reach the 200 EMA around $90.34.
The H4 chart shows that crude oil remains within the bullish channel, so it is expected to continue rising in the coming days.
In case of a decisive break below the bearish trend channel, we could look for opportunities to open short positions, anticipating that it will reach the $83.25 zone in the short term, where the gap was left on April 17.
Our outlook for the coming hours is to buy above $97 or sell below $102.11, waiting for a bullish scenario to develop before opening short positions, as the market is technically overbought.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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