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Crude oil is trading around $90.27, rebounding above the psychological level of $90. Crude oil is expected to rebound above $88.90 in the coming hours and reach $95.90, last Friday's closing price.
On the H4 chart, we can see that crude oil left a gap between 95.90 and 91.30. This gap could be filled in the coming days as prices rise toward the upper band of the downtrend channel around $96.80.
If downward pressure prevails, crude oil is expected to reach the 7/8 Murray level around $87.50. This level has historically provided a strong technical rebound and is likely to be seen as a zone for opening long positions.
As long as the price consolidates above $90, the odds are that it will reach $93.18 in the coming days, and the 200 EMA around $95.60.
A pullback toward the upper band of the downtrend channel around $97 could be seen as an opportunity to resume short positions at $90 and $87.
The Eagle indicator has reached oversold levels, and a technical rebound above this zone is expected in the coming days.
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