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Crude oil is trading around $81.25, undergoing a technical correction after falling below $85,000 at the market open following a gap. It is now likely to continue falling over the next few days until it reaches the lower band of the uptrend channel, around $79.43.
If crude oil consolidates above $81.25 in the coming hours, this could be interpreted as a signal to continue buying, with targets at the 6/8 Murray level, around $87.50.
Conversely, if crude oil falls below the 5/8 Murray level, this could be interpreted as a signal that the downtrend will continue. Oil could even break out of the uptrend channel and reach the 4/8 Murray level, around $75.00.
Since crude oil is currently above a series of support levels—including the psychological $80 mark, the 21-period simple moving average (SMA), and the 200-period exponential moving average (EMA)—any pullback toward the lower band of the uptrend channel will be interpreted as a signal to continue buying in the coming hours or days.
The ultimate target for crude oil is the 6/8 Murray level, around $87.50.
On the downside, we note that the Eagle indicator is showing an extreme overbought signal, suggesting the possibility of a technical correction in the coming days; therefore, below the 5/8 Murray level, we will look for opportunities to sell crude oil with a target at $75.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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