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Crude oil is trading around $90.76, rebounding after reaching the $88 level during Wednesday's US trading session, and we may be seeing consolidation above the 200 EMA, which suggests it could continue to rise in the coming days.
Crude oil has reached oversold levels. Technically, we could expect a technical rebound, but for that to happen, the price would need to break decisively above the 21 SMA at $91.49 and also break out of the downtrend channel formed since September 15. If crude oil continues to rise, we could expect it to reach the 7/8 Murray level around $93.75 and could eventually reach the psychological level of $100.
If crude oil remains under downward pressure, we could expect it to reach the 6/8 Murray level around $87.50; this zone could provide strong support for crude oil and, therefore, could be seen as an opportunity to buy on a technical rebound around this level.
A decisive break above $91.50 could be considered a bullish signal for crude oil in the coming days. A decisive break below $89.70 could signal a continuation of the downtrend, potentially enabling a drop to $87.50 and ultimately to the lower band of the downtrend channel around $86.40.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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