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Crude oil is trading around $73.52. It has been consolidating around this level since June 18 and is also trading below the 0/8 Murray line and below the 21 SMA, showing signs of exhaustion.
If crude oil recovers above the 21 SMA at 75.24 in the coming hours and decisively breaks out of the downtrend channel formed since early June, we could expect a strong rally in crude oil, potentially reaching the 200 EMA around $86.71.
Given that crude oil is currently below the 21 SMA, we could still expect it to continue falling in the coming days until it reaches the -1/8 Murray level around $68.75. This zone is critical for crude oil, and we could expect that a strong technical rebound could occur after an attempt to consolidate or test this zone.
Analyzing the H4 chart, we can see that crude oil left a gap around $83.20 that has not yet been filled. There is another gap from May around $95.90, suggesting that crude oil should return to these levels to fill them in the coming days or weeks.
Therefore, by analyzing the gap levels that have been left, we could look for opportunities to buy crude oil provided that the price consolidates above the 0/8 Murray level around $75, with targets at the psychological level of $90,00 and finally at $96.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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