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Crude oil (WTI) is trading around $82.76 per barrel, undergoing a sharp technical correction after reaching $112.00, an important level that coincided with the 2022 high.
Crude oil is expected to consolidate in the coming days above the 21 SMA located around $73.36. If the price reaches these levels, it could be seen as a signal to buy with targets at the psychological level of $100.
We could expect crude oil to continue rising in the coming hours, so we could look for opportunities to buy above $80, with targets at the 7/8 Murray around $87.50.
A break below $73.36 is likely to cause crude oil to cover the next GAP left around $64.30 on February 25. WTI could even reach the 200 EMA, an important key level that converges with the bottom of the uptrend channel around $60.
Given that the Eagle indicator is showing a negative signal, if there is a pullback towards $87.50 and the price fails to consolidate above this zone, it could be considered an opportunity to continue selling with targets around $73.36.
The geopolitical tensions that led to a rapid rally in crude oil prices still show no signs of abating. Therefore, the odds that the upward cycle will resume in the coming days and the price could even reach the +2/8 Murray in the short term, around $125 per barrel.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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