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According to the H4 chart for crude oil, it has reached a key support level around $77.50 and is likely to rebound above this zone in the coming hours, as we can see that it left a gap around $84 at Friday's close.
Given that crude oil has upside potential and is currently near a key support level, we could look for buying opportunities above $77.50 in the coming hours.
The first target for crude oil is around the psychological level of $80, and we expect it to continue rising until it reaches the 200 EMA around $80.52 and the 21 SMA around $81.76, which currently represent resistance levels for crude oil.
Once these levels are breached and the price consolidates above $81.76, we could expect the price to fill the gap around $85; we even expect it to fill the gap around $90 left on July 24.
If bearish pressure prevails and the instrument falls below the key support level of $77.50, the price is likely to continue falling until it reaches the 4/8 Murray level around the psychological level of $75; a technical rebound above this zone could offer opportunities to buy crude oil in the coming days.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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