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Crude oil is trading around $79.99, having rebounded during Monday's US session above $78. This technical rebound could continue in the coming days, so it could be seen as an opportunity to buy with targets at the close of the gap around $83.03
The next target for crude oil could be the 21 SMA at $83.87. The instrument could consolidate above this level. We could then continue buying with targets at the 7/8 Murray level around $87.50, and ultimately we expect it to attempt to challenge the upper band of the downtrend channel near the psychological $90 level.
If the resistance at $83.87 proves to be strong, we could look for opportunities to sell with targets at $80, and ultimately, we could expect it to reach the lower band of the downtrend channel around $77.50. If the downward pressure persists, we could expect it to find strong support around the 6/8 Murray line at $75.
A technical rebound could occur in the coming hours, and as long as the price trades above $78, given that we are seeing consolidation around this area, it could be viewed as a buy signal, as the Eagle indicator is showing a positive signal, which supports our trading strategy.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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