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Crude oil is trading around $91.14 following a technical correction toward $87.50 that began yesterday during the US trading session, which gave crude a strong boost to reach $92. We now see that the CL is also trading above the 200 EMA and above the 21 SMA.
Crude oil could continue to rise in the coming days if the price consolidates above the psychological level of $90, which suggests it will remain above the 200 EMA and above the 6/8 Murray level—meaning it has upside potential to reach 7/ 8 Murray level—around $93.75—and we could ultimately expect it to reach the psychological level of $100 around the 8/8 Murray level.
Given that crude oil is in a zone with upside potential, any technical correction toward the 21 SMA or the 200 EMA could be viewed as an opportunity to open long positions in anticipation of it reaching $93, $95, and ultimately $100.
Conversely, if crude oil falls below $87.50, the outlook could turn negative, and we could expect a sharp downward acceleration, with crude oil potentially reaching $84 and eventually the 5/8 Murray level around $81.25.
Conversely, if crude oil falls below $87.50, the outlook could turn negative, and we could expect a sharp downward acceleration, with crude oil potentially reaching $84 and ultimately the 5/8 Murray level around $81.25.
The Eagle indicator is showing a negative signal, so we should monitor the price of crude oil closely, as there could be strong resistance at the $91.90 level. If the price fails to consolidate above $92, the instrument will come under downward pressure, and we could expect a technical correction toward $88.50 and ultimately down to $87.50.
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