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Crude oil is trading around $72.10 with strong upward momentum after breaking above the $68 level, and it is likely to continue rising until it reaches the upper band of the uptrend channel formed since early July, around $74.25; it could even reach the Murray 0/8 level, around $75.
As we have noted in our previous analyses, crude oil managed to decisively break out of the downtrend channel that had been in place since early June and, after consolidating above $68, began a strong recovery.
Since crude oil is currently within an uptrend channel, we would expect it to reach the strong resistance at $74.50 or $75 to open short positions, as technically, overbought conditions are evident.
As we have noted in previous analyses, crude oil has left gaps at $83 and $96. Given that the outlook could remain positive for the coming days, any pullback—provided the price consolidates above the psychological $70 level—will be considered an opportunity to continue buying.
Since crude oil is now facing a resistance zone around the 0/8 Murray level, we could wait for this zone to be reached to sell or buy from current price levels, with targets at $74.50 and $75.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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