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Crude oil is trading around $80.44, rebounding after reaching the 50% Fibonacci retracement level drawn from its low of $66 to its high of $92.
If, in the coming days, crude oil consolidates above the 200 EMA and above the 50% Fibonacci retracement level, we could expect the uptrend to continue, potentially reaching the 38.2% level around $82.76, and we believe it could reach the psychological level of $90.
When crude oil reached $92, the Eagle indicator had hit 95 points, which represented an area of extreme overbought conditions. Technically, crude oil has now completed a technical correction and may be preparing to resume its uptrend. Therefore, we will look for buying opportunities in the coming hours if the price consolidates above the psychological level of $80.
Conversely, a drop in crude oil below the 200 EMA, below the 50% Fibonacci level, and below $80 could signal a continuation of the downtrend, and we expect it to reach the 61.8% Fibonacci level around $77.50; ultimately, we could expect it to reach the 4/8 Murray level around $75.
Therefore, as long as the USD/OIL price remains above the 200 EMA, it will be viewed as a buy signal; below that level, the outlook could remain bearish.
Crude oil left a gap around 89.25, so if the price recovers in the coming hours from the $80.00 level, the goal is for it to close the gap and reach $89.25.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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