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Crude oil is trading around $73.88, below the 4/8 Murray pivot point, and has faced strong downward pressure since the opening of this week's trading session.
If crude oil consolidates above $75 in the coming hours, this could be seen as an opportunity to open long positions, and we could expect it to reach the 200-day moving average around the psychological level of $80 in the coming days.
Conversely, if downward pressure prevails, we could expect crude oil to reach the $71.33 area, where it left a gap on July 13.
If crude oil trades above $73.88 in the coming hours, this could be seen as a buying opportunity, with targets at $75; ultimately, we expect it to reach the 61.8% Fibonacci level around $76.80.
Given that the Eagle indicator has reached extremely oversold levels, this could be considered a good opportunity to open long positions from current price levels or, should the price break above $75, with targets at the 5/8 Murray level around $81.25; ultimately, we expect it to reach $85, as crude oil left a gap at this level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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