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Crude oil is trading around $85 below the 21-day SMA and under downward pressure after reaching Murray's 6/8 level. Crude oil has attempted to break through this resistance level on several occasions but without success, and it is likely that crude oil will continue to fall in the coming days until it finds strong support around the 200 EMA at $81.48 and around the 5/8 Murray level at $81.25.
If crude oil consolidates above $85.54 in the coming hours, the outlook could be positive, and we could expect it to continue rising until it reaches $87.50. Once this strong barrier is breached, crude oil could quickly reach the psychological level of $90.
In the event of a pullback toward $87.50 and if the price fails to break above this area, it could also be considered an opportunity to sell crude oil in anticipation of it reaching $81. We might even expect a bearish sequence until the instrument reaches the 4/8 Murray level around $75.
Technically, we believe crude oil is in a consolidation phase and is likely to attempt to reach the 6/8 Murray level in the coming days, potentially trading within the range of $87.58 to $81.25.
The Eagle indicator is showing negative signals, and crude oil is likely to decline in the coming days, so we will look for opportunities to sell.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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