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Crude oil is trading around $104.79 with a strongly bullish bias on the daily chart. Yesterday, starting with the opening of the Asian session, crude oil managed to consolidate above $97, reaching $105 following a strong upward move that broke through the psychological barrier of $100, and it is likely to continue rising in the coming days.
If CL reaches the strong resistance at $106.79, we could expect it to face strong rejection at this level. However, if the upward momentum prevails, the instrument is expected to reach the daily R1 around $107.80.
On the H4 chart, crude oil has reached overbought levels, so a technical correction below $105.70 is expected in the coming hours. Alternatively, if a pullback occurs toward 106.79 or 107.80, it could be considered an opportunity to sell crude oil.
A drop below $105.70 could bring crude oil closer to the psychological level of $100, around the 4/8 Murray line. A technical rebound is expected in this zone, and we could view this level as an opportunity to buy, with a target at $106.
We could exercise some caution and take low-risk short positions provided the price consolidates below $105.70, with a target at $100. If the downward pressure continues, WTI oil could reach the 21-day SMA around $92.52.
Our strategy for the coming hours will be to sell around $105.80. If the price breaks above this zone, we could wait for $106.79 to sell, and if the downward momentum continues, we could target $107.80, as this level represents daily resistance and also coincides with weekly resistance.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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