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03.08.202616:37 Forex Analysis & Reviews: Trading Signals for CRUDE OIL (CL) on August 3-5, 2026: buy above $77.50 (21 SMA - 5/8 Murray)

Rilevanza fino a 10:00 2026-08-17 UTC--4

Exchange Rates 03.08.2026 analysis

According to the H4 chart for crude oil, it has reached a key support level around $77.50 and is likely to rebound above this zone in the coming hours, as we can see that it left a gap around $84 at Friday's close.

Given that crude oil has upside potential and is currently near a key support level, we could look for buying opportunities above $77.50 in the coming hours.

The first target for crude oil is around the psychological level of $80, and we expect it to continue rising until it reaches the 200 EMA around $80.52 and the 21 SMA around $81.76, which currently represent resistance levels for crude oil.

Once these levels are breached and the price consolidates above $81.76, we could expect the price to fill the gap around $85; we even expect it to fill the gap around $90 left on July 24.

If bearish pressure prevails and the instrument falls below the key support level of $77.50, the price is likely to continue falling until it reaches the 4/8 Murray level around the psychological level of $75; a technical rebound above this zone could offer opportunities to buy crude oil in the coming days.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2026
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