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Crude oil is trading around $68.45 within a narrow uptrend channel that has formed since early July. In the coming days, we could see a rally in crude oil that could push the price up to the psychological level of $70. Moreover, if it breaks above $70, we could expect it to reach the 0/8 Murray level around $75.
The Eagle indicator has reached overbought levels, so crude oil will face difficulty in its rise. If it consolidates above this zone, it is likely to reach $70 and then resume its downtrend.
In case of a pullback toward the June 25 high around $72.35, this zone could also serve as strong resistance, and we could open short positions below this zone.
The low reached around $67 now serves as strong support for crude oil. If downward pressure prevails, we could expect a double-bottom pattern to form around this area. If crude oil rebounds above this price level, it could be seen as a buying opportunity, as technically, we could expect a recovery up to $75.
A good area to open long positions would be to wait for the price to consolidate above the 21 SMA and above -1/8 Murray. These levels could act as support for crude oil, and a move above $68.75 could be seen as a buying opportunity with targets at the upper band of the uptrend channel around $70 and, ultimately, around $72.35.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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