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Crude oil (WTI) is trading around $83.88 per barrel, with an upward bias, but retreating after reaching its high of $112.50. This high was last seen in July 2022, at the peak of the COVID-19 pandemic.
Crude oil is highly volatile. Therefore, after a rebound above $80.00 in the coming hours, WTI could reach $90.00 and even the psychological level of $100 around the 8/8 Murray. WTI is expected to continue rising in the coming days and could again reach the +1/8 Murray around $112,500.
The WTI price left a pullback around $88.50 over the weekend, which has already been covered. Hence, the bullish cycle is likely to resume in the coming hours and days if the price consolidates above the 21 SMA located at $85.70.
Given that fundamental data directly affects crude oil prices, WTI is expected to continue rising in the coming days and could even break $112.50 and reach the psychological level of $120 per barrel.
Given that the Eagle indicator reached extremely overbought levels and quickly corrected any pullback, as long as the price consolidates above the 200 EMA located at $69.20 or above $85.00, it will be seen as a signal to continue buying.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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