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Crude oil is trading around $70.47, above the 1/8 Murray level, above the psychological $70 mark, and above the 21 SMA, which means that there could be a quarter-level recovery in the coming days. So, the price could reach the 1/8 Murray level around $75 and could even quickly reach the 200 level around $82.49.
On the H4 chart, we can see that crude oil left a gap on June 11 around $83.50. Technically, if the price of crude oil remains above $70 in the coming days, we could expect it to reach this zone and might even reach the 2/8 Murray level around $87.50.
Conversely, if crude oil falls below $68.50, we could expect the downtrend to continue, and the instrument could tumble to the -2/8 Murray level around $65.
Looking at the daily chart, we can see that crude oil left a gap around $96, so technically, it could return to these price levels in the coming days or even weeks. Therefore, we must be very careful if we are selling.
Our trading plan for the coming hours is to buy crude oil above $70; alternatively, if a technical rebound occurs around $68.50, this could be seen as a buying opportunity, with near-term targets at $75 and the 200 EMA around $82.50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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