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Crude oil is trading around $93.85, reaching the upper band of the downtrend channel that has been forming since early April. The price has been testing the strength of this channel and has been rejected on several occasions.
If crude oil falls below $93.30, and the price consolidates below this zone, it could be considered a negative signal to sell, with targets at $89.80 and the 7/8 Murray level around $87.50. The instrument is expected even to reach the 6/8 Murray level around $75 per barrel.
We expect a sharp decline in crude oil, as it has technically left an unfilled gap around $83.26; this zone could be the target for bears if the price falls below $93.
Conversely, if crude oil consolidates above the downtrend channel and above $95.70, the outlook could be positive, and we could expect it to reach the psychological level of $100.
Technically, the $100 zone could also be a strong resistance level, as it has acted as a strong barrier throughout March and April. Given that the market is overbought and has left an unfilled gap, this 8/8 Murray zone could be seen as a signal to open short positions.
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