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Crude oil is trading around $68.98, rebounding after hitting a low of around 67.97. This price level was last seen in February 2026, before the disputes among Middle Eastern countries.
Technically, crude oil appears to have upside potential in the coming weeks to reach the psychological level of $100.
Analyzing the H4 chart, we can see that crude oil has left a gap around $83, with another gap around $96. Technically, there is upside potential for crude oil to return to these price levels in the coming days.
On the H4 chart, we can see that crude oil has been trading within a downtrend channel formed since early June, and it is currently attempting to break through the 21 SMA and the upper band of the downtrend channel.
If a decisive breakout occurs in the coming hours above $69 and above the downtrend channel, it could be seen as a positive signal to buy crude oil, and we could expect it to reach $75 around the 0/8 Murray level and ultimately reach the 200 level around $81.25.
The Eagle indicator is showing a positive signal, so we should keep an eye on the $69 area around -1/8 Murray. If the price remains above this level, then the outlook could be positive, and it will be seen as a signal to open long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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