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Crude oil is trading around $81.21 within a downtrend channel that has been forming since July 25, below the 5/8 Murray line and below the 21 SMA with a bearish bias, but we could expect a recovery in the coming days.
Technically, crude oil has reached overbought levels, and we could expect it to find strong support around the psychological level of $80 or around the 200 EMA, which could trigger a technical rebound and be considered an opportunity to open long positions.
If crude oil consolidates above $82, we could expect the outlook to be positive, and it could reach the July 30 high of around $84.64.
We can see on the chart that crude oil has left a gap around $84.64 and another around $76.20. Therefore, we believe that if the price falls below the psychological level of $80, we could expect it to fill this gap and might even reach the strong 4/8 Murray support level around $75.
The Eagle indicator has reached overbought levels around 95 points and is showing a negative signal. Technically, crude oil is currently above strong support, so after a technical correction, we could expect the price to continue rising in the coming days.
We must closely monitor the key level of $80. Above this zone, any technical rebound could be viewed as a buying opportunity, with the potential to reach $84.64 and ultimately the 6/8 Murray level around $87.50.
Conversely, a drop below $79.95 could be seen as a clearly negative signal, and we expect it to reach the lower band of the downtrend channel 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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