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Crude oil is trading around $100.75 after undergoing a sharp technical correction when it reached its high of $103.40. WTI is expected to continue falling until it reaches the 21-day moving average.
If crude oil falls below the psychological level of $100, we could expect it to reach the 21 SMA around $97.73, which could then be seen as an opportunity to resume its uptrend. In the coming days, it could reach the top of the uptrend channel around $110.14.
Conversely, if crude oil breaks below $97, we could expect it to approach the lower band of the uptrend channel around $95; this area could offer a good entry point for long positions with targets at +1/8 Murray around $112.50.
Only a decisive break below the uptrend channel and consolidation below $95 could change the outlook for crude oil, and we could expect it to reach $87.50 per barrel in the short term and potentially even hit the 6/8 Murray level around $75.
On February 27, WTI crude oil left a gap around $64.70, so if oil falls below $82, it could reach this level in the coming weeks.
As long as the price of crude oil remains within the uptrend channel, any pullback will be seen as a buying opportunity, with a target at $112.50. Above this level, crude oil could reach $120 per barrel.
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