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After last Friday's close, crude oil began a strong upward move and could continue to rise in the coming days until it reaches the 6/8 Murray level, around $87.50. However, we must remain cautious, as, from a technical standpoint, it could encounter a strong resistance zone around $86.40.
If crude oil reaches the upper band of the uptrend channel, it could be considered an opportunity to open short positions.
We can also see on the chart that crude oil left a gap around $86.34 on August 21, and it is likely to close this gap in the coming hours; even if it breaks above this zone, we could expect it to encounter strong resistance around the 6/8 Murray level at $87.50.
On the other hand, we can see that crude oil also left a gap around $82.74, and if it encounters strong resistance around $86.50 or $87.50, this could be considered a sell signal in the coming days, as we expect it to find solid support around the 200-day EMA at $81.88 or around the 21-day SMA at $83.21.
The Eagle indicator is showing a positive signal for crude oil, so the uptrend is expected to continue in the coming days. However, any pullback—as long as the price consolidates above $82—will be considered a signal to take long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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