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Crude oil is trading around $94.94 after reaching last week's high of around $97.02. A slight technical correction is now being observed, and this correction is likely to continue in the coming hours, potentially reaching the 200 EMA around $89.37.
Technically, crude oil has reached the upper band of the descending trend channel. This area could exert pressure, and we could expect crude oil to reach the 7/8 Murray level around $87.50 in the coming days. We even anticipate that the gap left around $83.35 could be filled.
If crude oil consolidates below $96.90 or below the descending trend channel in the coming hours, it could be considered a selling opportunity, as we technically expect a correction towards the psychological level of $90.
Conversely, a pullback towards the 200 EMA around the 8/8 Murray level could also signify a strong technical reversal, as this area has acted as a strong barrier in the past.
The Eagle indicator is showing a positive signal, so we will look for buying opportunities as long as the price consolidates above the 7/8 Murray level around $87.50. According to the chart, the upward momentum is clearly exhausted, and it is likely that the upward cycle could resume after a technical correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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