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The price of WTI crude oil is around $56.58 per barrel and is likely to continue rising in the coming days until it reaches the 21 SMA located around $57.00, and could even reach the top of the downtrend channel around $57.81.
Crude oil has been consolidating above $55 during the last few sessions. If we compare this with the chart above, it is an area where 0/8 Murray is located, which represents strong support and, in turn, the bottom of the downtrend channel, which has enabled a recovery in WTI.
Given that the Eagle indicator is showing a positive signal, we can open long positions as long as the price consolidates above $55.60 or in case of a rebound towards $56.25, with a target at $57.80.
A sharp break below $55.60 could change the outlook for crude oil, and we could expect a sharp decline towards the -1/8 Murray located at $54.68.
Our outlook could remain bullish for crude oil for the next few days as long as the price consolidates above $55.60. Any pullback will be seen as an opportunity to open long positions.
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