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Crude oil is trading around $101.54, above the 21-day SMA and above the psychological level of $100, signaling a positive trend. It may be setting the stage for a strong upward move, as evidenced by the formation of a bullish pattern known as a pennant.
If crude oil consolidates above $102 in the coming hours, we could expect it to continue rising until it reaches the 61.8% Fibonacci zone around 103.50; if it breaks above this level, we could expect it to reach the late-April high around $107.30.
If crude oil falls below the 21 SMA at $101.12, we could expect the technical correction to continue, with the price potentially reaching the 23.6% Fibonacci level around $99.15. If WTI breaks below this zone, we could expect crude oil to reach the 200 EMA around $93.06.
The outlook for crude oil remains positive, and it is likely to continue rising in the coming days and consolidate around the $97-to-$107 range. These range borders will provide opportunities to buy and sell, as fundamental data does not offer any clear direction for now.
The Eagle indicator is giving a positive signal, so if the price consolidates above the psychological level of $100, the outlook will remain positive until it reaches $107 and possibly $112.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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