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Crude oil is trading at $91.69 after reaching a new high around $92.50. Technically, crude oil has reached overbought levels, and we could expect a technical correction to occur in the coming days before it resumes its uptrend, which could reach the psychological level of $100.
Given that crude oil is in an overbought zone and has reached resistance levels, we believe the technical correction could continue in the coming hours. We expect the instrument to find strong support around $89.98, where the 21-day SMA is located, or it could find strong support around the lower band of the uptrend channel at $89.30.
A technical rebound above the 21 SMA or above the uptrend channel could serve as a good signal to open long positions, with the expectation that it will reach the 7/8 Murray level around $93.50 and could eventually reach the upper band of the uptrend channel at $97.10.
Crude oil has upside potential, and any pullback could be viewed as a signal to continue buying in the coming days if the price consolidates above the 6/8 Murray level.
A decisive break below $89.98 could change the outlook for crude oil; we could expect a technical correction toward $87.50, or it could even reach the 200 EMA around $83.90.
A correction to the 61.8% Fibonacci level around $83.90 could be seen as an opportunity to resume its uptrend. However, from a technical perspective, we should keep an eye on the $90 area; above this level, we could expect crude oil to continue rising, and below it, we could expect a technical correction toward $83.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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