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Crude oil is trading around $99.57, undergoing a technical correction after reaching a high of $100.69. If the price consolidates below the 8/8 Murray line and below the psychological level of $100, this could signal a technical correction toward the lower band of the uptrend channel.
If crude oil breaks above the psychological level of $100 and consolidates above this zone in the coming hours, we can expect the uptrend to continue, potentially reaching $101.76, the level of the daily resistance. The instrument could even reach the upper band of the trend channel around $103.81.
If the price consolidates below $100 in the coming hours, this could be seen as a signal to sell, with targets at the 21 SMA around $97.50. We could even expect it to reach the area of the uptrend channel around $96.30.
A decisive break of the uptrend channel could lead to a strong technical correction, and we could expect crude oil to retest the level it left around $91.60. Ultimately, we could see a sharp drop toward the 7/8 Murray level around $87.50.
Our trading plan for the coming hours is to sell below the psychological level of $100 or buy above $100 if the price consolidates above the 8/8 Murray line, with targets at about $101.76.
The Eagle indicator is showing a positive signal, so we believe that any pullback in crude oil prices will be seen as a signal to continue buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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