08.01.202613:51 Forex Analysis & Reviews: Trading Signals for CRUDE OIL (CL) for January 8-12, 2026: buy above $56.25 (rebound - 0/8 Murray)

Relevance up to 06:00 2026-01-22 UTC--5

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The price of WTI crude oil is around $56.58 per barrel and is likely to continue rising in the coming days until it reaches the 21 SMA located around $57.00, and could even reach the top of the downtrend channel around $57.81.

Crude oil has been consolidating above $55 during the last few sessions. If we compare this with the chart above, it is an area where 0/8 Murray is located, which represents strong support and, in turn, the bottom of the downtrend channel, which has enabled a recovery in WTI.

Given that the Eagle indicator is showing a positive signal, we can open long positions as long as the price consolidates above $55.60 or in case of a rebound towards $56.25, with a target at $57.80.

A sharp break below $55.60 could change the outlook for crude oil, and we could expect a sharp decline towards the -1/8 Murray located at $54.68.

Our outlook could remain bullish for crude oil for the next few days as long as the price consolidates above $55.60. Any pullback will be seen as an opportunity to open long positions.

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