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Crude oil is trading around $92.94, rebounding after forming a double bottom pattern near the strong 7/8 Murray support level around $87.50.
Crude oil has strong upside potential until it reaches the psychological level of $100. We hold this bullish outlook because the price left a gap around $99.50, so we will continue buying in the coming days until this gap is filled.
Given that crude oil is in a strong resistance zone around the 200 EMA level, which could put temporary pressure on the price, we could still expect a strong recovery if the price consolidates above $93.10.
If the price falls below the 200 EMA, we could look for opportunities to open short positions, with targets at $90 and a potential return to $87.50.
However, our outlook is positive, and we expect a correction toward the 32.8% Fibonacci level or the 61.8% level around $90. Then, we could buy with targets at the 21 SMA located at the $95.33 level, which coincides with the upper band of the downtrend channel.
If crude oil decisively breaks out of the downtrend channel and consolidates above the 21 SMA around $95.33, this could be seen as a positive signal to buy, with targets at the 8/8 Murray level around the psychological $100 mark.
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