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Crude oil is trading around the psychological level of $100. Since the opening of this week's session, the price has been rising; however, the chart shows signs that the upward momentum is being exhausted.
Given that crude oil faces strong resistance around the 8/8 Murray level, this zone could act as a significant barrier. If prices fall below this zone, we could expect the 21 SMA—around $96.98—to be reached in the coming days, and prices might even reach the lower band of the uptrend channel around $93.75.
If the instrument maintains bullish momentum, we expect crude oil to encounter strong resistance around $102.75. This zone represents a strong barrier since it coincides with the upper band of the uptrend channel and could be seen as a signal to open short positions in anticipation of a drop to $93.75, around the 7/8 Murray level.
The Eagle indicator has reached overbought levels, so technically it is giving a negative signal. We should monitor price movements in the coming days. If the instrument remains below the 8/8 Murray level, this will be considered a signal to continue selling.
Our outlook for the coming days is that a technical correction may occur, so we will look for opportunities to sell below $100 or below $102.75. We expect the price to fall in the coming days to $93.75 and could even reach the 200 EMA around $86.80.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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