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Crude oil is trading around $92.47, rebounding after reaching the psychological level of $90, which also coincided with the lower band of the downtrend channel formed since September 15.
We could see a recovery in crude oil prices in the coming hours, and the instrument could continue rising until it reaches the 21-day SMA at 94.97; this area also coincides with the upper band of the downtrend channel and could be viewed as a selling opportunity.
If, in the coming hours, CL Oil Light reaches the 200 EMA around $89.58—an area that represents strong support—we could look for an opportunity to take long positions with targets at the 7/8 Murray level around $93.50 and, finally, at the 21 SMA around $95.
The Eagle indicator has reached oversold levels and is showing a positive signal, so we believe it would be a good opportunity to buy if the price consolidates above the psychological level of $90.
On the other hand, given that the trend for crude oil remains bearish, it is better to wait for prices to reach $93.75 or $95 before the bearish cycle resumes and to take short positions.
A break above $95 could push crude oil toward $100 and even reach its high of $102.76.
A break below $89.58—where the 200-day EMA is located—could drive crude oil toward $87.50, around the 6/8 Murray level, and could ultimately reach the psychological level of $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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