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Crude oil is trading around $89.19, below the 200 EMA and the 21 SMA, reaching Friday's closing price level with the aim of filling the gap left around $88.70.
Given that crude oil is under bearish pressure, we could continue selling from the $89.20 level. If the price falls below $87.50 around the 7/8 Murray level, we could then expect it to fill the gap left on May 29th around $86.78 and even reach the May low around $85.44.
Since crude oil is in an upward trend channel and is trading within it, we could expect a technical bounce in the coming days, but for the bullish momentum to prevail, the instrument would need to consolidate above the psychological level of $90.
A move above the 21-period SMA could see crude oil reach $93.07, the level where the 200-period EMA is located. This suggests an opportunity to continue buying, with a target at $94.41, where it left a gap in early June. Crude oil could even reach the upper band of the ascending trend channel around $96.55.
The Eagle indicator is showing a positive signal, so a technical bounce around $89 or above $87.50 could be considered a signal to continue buying crude oil 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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