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Crude oil is trading at $82.47 within the downtrend channel that has been forming since August 20, above the 200-day EMA and above the 21-day SMA, which is showing a bullish bias.
Crude oil reached the upper band of the downtrend channel and has since been showing a negative signal, although it could find strong support around $81.50 or near the Murray 5/8 level, where a technical rebound could occur.
A decisive break above the downtrend channel, with consolidation above $83, could be interpreted as a positive signal to buy crude oil. In that case, the price could reach the weekly resistance at $85 and, ultimately, climb to the Murray 6/8 level, around $87.50.
Our outlook for the coming days is that the CL price will consolidate above $81.25. A technical rebound around this area could be interpreted as a positive signal to open long positions.
Conversely, a break below $81 could change the outlook for crude oil, and we could expect it to continue falling until it reaches $78 and even fill the gap left on August 8 around $76.50.
As long as crude oil remains within the downtrend channel, a technical correction below $83.70 could be expected.
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