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Crude oil is trading around $93.12, reaching the 21-day SMA at $93.93 and showing a strong positive signal. Therefore, we believe that it could reach $96 in the coming days and might even return to the psychological level of $100.
Crude oil left a gap around $96.03 and has been recovering ever since it hit a low at about $88.90. We observe a strong recovery, so we believe oil could continue its rise in the coming days.
Given that the instrument has reached a resistance zone, we expect a technical correction toward the 61.8% Fibonacci level in the coming hours, which could be seen as an opportunity to resume its bullish cycle with targets at $96.
If crude oil reaches the upper band of the downtrend channel and breaks above $96, this could be considered a positive signal to buy, with targets at the 8/8 Murray level around $100.
A drop in gold below $93.93 could present a selling opportunity with targets at the 7/8 Murray level around $87.50.
The Eagle indicator is showing a positive signal, so any pullback—as long as the price consolidates above the 7/8 Murray level—will be viewed as a signal to continue buying in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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