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Crude oil is trading around $77.56 following a rally on Thursday, August 6, from a low of $73.90 to a high of $77.50. The instrument is likely to rise in the coming days to reach the psychological level of $80; it could even reach the upper band of the trend channel, around $90.
Looking at the daily chart, we can see that crude oil is consolidating above the uptrend channel. After rebounding near the lower band of this channel, it began a strong rally and is likely to continue rising in the coming days. Crude could reach its first target around $79.14, and then potentially reach the 5/8 level, which also coincides with the 21-day simple moving average (SMA), around $81.25.
If a technical correction occurs in the coming hours and crude oil falls toward the 4/8 Murray level, this could be considered a positive buy signal, with targets at $79.14 and $81.70.
A decisive break below the uptrend channel and consolidation below $74 could enable a further fall until it reaches the 3/8 Murray level, around $68.75.
If oil remains around $71.20 and then falls below $74, this gap could be closed.
Oil left another gap around $85; a consolidation above the 5/8 Murray level could be seen as a positive sign, which could close this gap and reach the 6/8 Murray 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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