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Crude oil is trading around $95.75, above the 200 EMA, and within the descending trend channel formed on May 15th. Yesterday, during the US session, crude oil made a jump towards $102.30. Failing to consolidate above the 21 SMA, it fell sharply to $94.
This technical rebound coincides with the lower band of the descending trend channel. So, the price is consolidating above the 200 EMA, meaning that we could expect it to reach the psychological level of $100 in the coming days.
If crude oil falls below $95 and consolidates below this zone, the outlook could be negative. The first idea could be to fill the gap left around $91.30. We could even expect it to drop to the 7/8 Murray level around $87.50.
The trend remains bearish for crude oil, so if there is a pullback towards $99.58 or the psychological $100 level in the coming hours, it will be seen as a signal to open short positions.
The Eagle indicator is showing a negative signal, so we must be very cautious if we are buying crude oil, as the instrument is likely to trade under downward pressure in the coming days.
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