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Crude oil is trading around $80.43, rebounding after reaching the 200-day exponential moving average (EMA) at the lower band of the uptrend channel, around $79.88.
Since reaching the $83.66 area, crude oil has been undergoing a technical correction and is likely to resume its uptrend in the coming days. Therefore, we will look for buying opportunities while the price consolidates above the psychological $80 level.
A decisive break below $79.88 could change the outlook for crude oil, and we could see it drop to $75 or even return to the early August low of around $70.30.
The Eagle indicator shows a positive signal for crude oil, and our outlook remains positive as long as the price stays above the 200-period exponential moving average (EMA); even if it breaks above the Murray 5/8 level, the outlook could still point to an upward move toward the Murray 6/8 level, around $87.50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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