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Crude oil is trading around $79.23, reaching a low last seen in March 2016. Therefore, we could expect a recovery in the coming days, potentially reaching the $84 price level and even the psychological level of $90.
If the downward pressure on crude oil persists, we could expect it to reach the lower band of the descending trend channel around $76.50 and even the Murray 6/8 support level around $75.
Technically, crude oil has reached oversold levels, as we can see on the technical chart that the Eagle indicator has reached five points. This suggests a possibility that crude oil could rebound and reach the resistance level of $87.50 around the Murray 7/8 level in the short term.
We should expect consolidation above $79. Then, we could look for a buy signal targeting the gap left around $82.60 last Friday. If the bullish momentum prevails, the next target will be the 21-period SMA around $84.91, and finally, the 87.50 level around the 7/8 of Murray's retracement level.
Crude oil left another gap around $95.90. This could mean that crude oil could return to this area in the medium term. Technically, if the price breaks above the upper band of the descending trend channel and consolidates above the psychological level of $90.00, we could expect it to reach $96 and cover the gap, and could even reach the psychological level of $100.
Our outlook is positive for crude oil, but we should wait for confirmation that the price consolidates above $79 before opening long positions.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
