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Crude oil is trading around $74.38 under downward pressure following a strong upward move that caused it to fall from its high of $80 to the $74 level.
Given that crude oil is below the 6/8 Murray level, it could get stuck under downward pressure, and we should remain cautious, as it could fall toward the lower band of the downtrend channel around $73.04.
A strong rebound above $73 could support a bullish outlook for crude oil, and we could expect it to reach $77 to $80 in the coming days; it could also fill the gap left last week when Friday's closing price was around $84.
Conversely, if crude oil rebounds and consolidates above the key $75 level, this could be seen as a buy signal, with targets at $77, $80, and finally $84.
We must keep an eye on both support levels—$73 and $75—as we believe crude oil could rebound from both zones and begin a new uptrend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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