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During Monday's European session, crude oil broke through the psychological $100 level, reaching a high of $101.90, after which we saw a sharp drop to $83.94.
Currently, crude oil is recovering from this sharp technical correction, which could be seen as a buy signal, as it is expected to continue rising in the coming days.
Technically, crude oil is within an uptrend channel, so a pullback toward the 7/8 Murray level or toward the bottom of the trend channel could be seen as an opportunity to open long positions.
Crude oil (WTI) will likely return to the $101 area in the coming days, as we can see that it has left a small gap, which is likely to be filled.
If bearish momentum is maintained, the price is expected to reach the psychological level of $80 around the 200 EMA; this level could offer an entry point for long positions, as a move above this zone favors an upward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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