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Crude oil is trading around $69.81, rebounding after hitting -1/8 Murray around $68.750, the level last seen in February 2026.
Given that the instrument is under technical downward pressure, crude oil is likely to rebound in the coming days above $68 and could reach the upper band of the uptrend channel around $71. A break above this zone could lead to further gains, reaching resistance at $72.17, where the 21SMA is located.
The outlook could be positive, and we could expect a sustained upward move if the price consolidates above $72. In that case, we could expect it to reach the 1/8 Murray level around $81.25, followed by the gap left on June 11 around $83.90, and finally, we expect it to reach the 200 EMA around $84.61.
One analyst's view for the coming months is that crude oil will return to the $96 level. Near this zone, the CL price left a gap, so we believe it could return and even reach the psychological level of $100.
Given that crude oil prices have fallen sharply. From a technical viewpoint, investors are considering this price zone to open long positions. Crude oil will likely return to the $90 or $100 levels in the coming months.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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