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Crude oil is trading around $92.83 within a downtrend channel and testing resistance levels after reaching $93.65 near the 200 EMA.
If USD/OIL consolidates above the 200 EMA in the coming hours, this could be seen as a buying opportunity with targets at the gap left on May 22 around $95.99. Ultimately, it could reach the upper band of the downtrend channel around $96.42.
The Eagle indicator is showing a positive signal for crude oil, so we believe it could continue its rise in the coming days. Should a technical correction occur in the coming hours toward the psychological level of $90, this could be seen as an opportunity to open long positions with a target at $96.50.
On the H4 chart, we can see that crude oil is trading within an uptrend channel. If a break above $96.50 occurs, the instrument could easily reach the psychological level of $100 and might even reach May's high around $103.40.
Our trading plan for the coming hours is to buy crude oil in the event of a technical correction toward the 21 SMA at $89.31 or toward the lower band of the uptrend channel around $90.34, which could be seen as a clear signal to open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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