05.02.202606:53 Forex Analysis & Reviews: Trading Signals for CRUDE OIL (CL) for February 5-7, 2026: buy above $62.80 (21 SMA - 4/8 Murray)

Relevance up to 23:00 UTC--5

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Crude oil (WTI) is trading around $64.06 above 5/8 Murray and showing positive signs, waiting to cover the gap left at $65.40.

In the coming hours, we will continue to buy crude oil as it is positioned above the 4/8 Murray, which favors the bullish cycle. We also saw the formation of a pennant pattern on the H4 chart, which suggests a bullish outlook. WTI is likely to reach the 6/8 Murray and could even reach its January high around $66.20.

A drop below the 21 SMA and below 4/8 Murray could change the bullish outlook for crude oil, and we could expect the price to reach the psychological level of $60.00 or find good support around the 200 EMA located at $60.45.

On the H4 chart, we can see that crude oil has an upward trend channel, so a technical rebound at the lower band of this channel around $62.10 will be seen as an opportunity to open long positions.

The Eagle indicator is showing a positive signal, so any pullback in the coming hours will be seen as a buying opportunity.

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