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Crude oil is trading around $79.67 with a positive bias and rebounding after finding strong support around $77.36—a level that coincided with the lows of July 20 and July 8, July 13, and July 17, so it now represents strong support, and we could expect the instrument to continue rising in the coming hours until it closes the gap left at Friday's close around $85.
Crude oil may struggle to continue rising as it faces resistance around the 200 EMA and the 5/8 Murray line, which coincides with the 21 SMA; if it reaches this zone, we could see a technical correction.
If the upward momentum prevails and crude oil consolidates above $81.25, the outlook could be positive, and we could continue buying with targets at $84.60, last week's high around $85, and finally, we could expect it to reach the 6/8 Murray level around $87.50.
The rally in crude oil could continue over the next few days and could close the gap left on July 24 around $90. If the instrument maintains upward momentum, it could even close the gap left in June around $96.
Given that crude oil could rebound over the next few days and continue to rise, we will look for opportunities to open long positions above $77.33, with targets at $80.50, $81.25, $84.70, and $87.50.
Conversely, a drop below $77.50 could extend crude oil's downtrend, and we could expect it to reach the 4/8 Murray level around $75 and possibly even close the gap left on July 12 around $71.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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