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Crude oil is trading around $89.70, above the 21 SMA and within the uptrend channel. We could expect it to continue rising in the coming hours until the price reaches the 7/8 Murray level around $93.75. It could even reach the upper band of the uptrend channel around the psychological level of $95.
Crude oil left a gap around $95.20, and technically, if the price breaks above the 7/8 Murray level, we could expect it to reach this zone.
Conversely, if crude oil falls below the 21-period moving average at $89.32, we could expect a strong technical correction, and the instrument could reach the 5/8 Murray level around $81.25.
Given that crude oil is currently within an uptrend channel, the outlook could be positive for the coming days. However, we can see on the H4 chart that the Eagle indicator has reached overbought levels.
This overbought level is evident on the chart, given that crude oil has already formed a triple top pattern around $91. Therefore, technically, we believe a strong technical correction could occur, but for that to happen, we would need to see confirmation of a break below the uptrend channel and for the price of oil to fall below $89.
If there is a sharp break and consolidation below the 6/8 Murray level around $87.50, a potential move could occur, and we could expect it to fill the gap left on August 27 around $82.70 and ultimately reach the 5/8 Murray level around $81.25.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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