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Crude oil is trading around $91.98, moving within the downtrend channel that has been forming since September 14, following a sharp technical correction after it reached the upper band of the uptrend channel. CL crude has reached the 61.8% Fibonacci retracement level, and from this level—around $96—we have seen a sharp decline.
In the coming hours, crude oil could consolidate around $91.54. If the instrument gets stuck under downward pressure, we could expect a technical rebound toward the 38.2% Fibonacci level around $93, which could then be seen as a signal to continue selling, with targets at the psychological level of $90; ultimately, we expect it to reach the 6/8 Murray level around $87.50 in the coming days.
The outlook for crude oil remains bearish; therefore, if the price reaches the upper band of the downtrend channel around $94.40 in the coming hours, we could also view this area as an opportunity to open short positions.
If the price consolidates above the 23.6% Fibonacci level—which also coincides with the 21-day SMA—this could be seen as a signal to buy, with targets at $93.50 and $94.40.
The Eagle indicator is showing a negative signal, so we should expect a resistance zone to continue selling.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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