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Crude oil is highly volatile, reaching maximum levels seen several months ago and registering a new monthly high of around $77.24. This level coincided with the +1/8 Murray, and from that zone, we observed a technical correction.
Crude oil is expected to continue its technical correction in the coming hours and may cover the gap left at the close of trading last week at about 67.50.
Given that crude oil (WTI) has broken the upward trend channel and is positioned above the 7/8 Murray, its upward cycle is expected to resume in the next few hours, and the price could reach a high of $78.19.
A drop below the 21 SMA located around $71 could mean a technical correction for crude oil, and we could expect it to reach the key Murray support level of 5/8 around $65.62.
The Eagle indicator has reached overbought levels and is showing a negative signal. So, if the price drops below $77 per barrel, it will be a clear signal to continue selling with a target at $67.00.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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