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During the US trading session on September 2, crude oil managed to close the gap it had left on July 23 around $89.75. This gap has now been closed, and the market is likely showing signs of exhaustion; we could expect a technical trend reversal in the coming hours.
If crude oil continues to rise, we could expect it to encounter resistance around the 7/8 Murray level at $93.75; below this zone, a pullback could occur, which would be considered a selling opportunity.
Conversely, if crude oil falls below the Murray 6/8 level and below the 21-period simple moving average (SMA), we could expect a sharp decline, during which the price could reach the 200-period exponential moving average (EMA) around $82.78 and, ultimately, find strong support around the Murray 5/8 level, at $81.25.
Since crude oil is trading near the psychological $90 level, we could look for opportunities to sell below $90.76; the first target could then be $87.71 and, ultimately, $82.78.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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