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Crude oil is trading around $90.90, pulling back after unsuccessfully attempting to break out of the downtrend channel and consolidating below the 200 EMA. The outlook for crude oil appears bearish, but we should exercise caution as a technical rebound above the psychological $90 level could occur
Crude oil may struggle to continue rising if there is a sharp break of the bullish trend channel formed since May 29. In that case, it could reach the 7/8 Murray level around $87.50 and could also close the gap left on May 29 around $86.50.
Crude oil has two gaps: one around $96 and another around $86. If crude consolidates below $91.70 in the coming days, we could expect it to reach $86, thereby closing the gap, and it could even reach May's low around $84.
Given that the Eagle indicator is showing a positive signal, a technical rebound above $90 could remain a possibility for buying crude oil with targets at the 200 EMA around $93.50 and ultimately around $96, but only if CL breaks through the strong resistance at $93.60.
Our trading plan for the coming hours is to sell below $91.60 with targets at $90; if it breaks below this zone, we could continue selling until reaching $86.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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