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Crude oil could remain under downward pressure if it consolidates within the uptrend channel. Above $82, any technical rebound could be seen as a signal to continue buying.
If crude oil continues to fall, it still has the 5/8 Murray level, a strong support around $81.25, and even the psychological level of $80, which coincides with the 200 EMA. Both levels could offer a good opportunity to buy on a technical rebound.
Given that the outlook for crude oil remains bullish, any pullback—as long as the price trades above the psychological level of $80—will allow us to continue buying until it reaches the psychological level of $90. We even expect the instrument to reach $93.75, around the 7/8 Murray level.
In June, crude oil left a gap around $95, so technically, the trend could remain bullish in the medium term; therefore, a breakout and consolidation above $93.75 could push prices toward the $96 zone.
Therefore, over the next few days, we will continue to buy crude oil. We must closely monitor the support levels at $81.25 and $80 to buy, with targets at $87.63—around the 21 SMA—and also wait to cover the gap left on Friday, with a final target at $93.75.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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