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The price of a crude oil barrel is trading around $95.30 within the uptrend channel formed since May 7 and is consolidating above the 21-day SMA, although it is showing signs of exhaustion.
If crude oil consolidates above $96.63 in the coming hours, this could be seen as a positive signal to buy, with targets at the psychological level of $100 around the 8/8 Murray line.
A decisive break above $100 could lead to further gains until the upper band of the uptrend channel around $103.26 is reached.
Conversely, a strong break below the uptrend channel and consolidation below $96.50 could be seen as a signal to sell, with targets at the 200 EMA around 93.80.
Looking at the H4 chart, we can see that crude oil left a gap around $91.30. If the price falls below the 200 EMA, it could fill this gap.
Our trading plan for the coming hours is to buy crude oil above $96.50, with targets at $100, and to sell if the price fails to consolidate above this zone.
Another possibility would be to sell below $96.50, with targets at $93.80, $91.30, and finally at the 7/8 Murray level around $87.50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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