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Oil is trading around $79.02, showing an upward trend since the opening of this week's session, which is generating good returns. However, on the H4 chart, we can see signs of exhaustion, and it is likely to bounce at $77.90, after which the instrument could resume its uptrend until the price reaches the upper band of the bullish channel, around $82.
USD/OIL reached the psychological level of $80 and has left a gap around $71.38. Therefore, we believe that if it falls below the 200 EMA—around $77.80—in the coming days, the outlook could turn negative, and we could expect it to reach the 4/8 Murray level and, ultimately, the 3/8 Murray level, around $68.75.
As long as the price of crude oil consolidates above $77.50, we could continue to look for buying opportunities with targets at $80, the Murray 5/8 level—around $81.25—and, finally, around the upper band of the uptrend channel at $82.05.
The Eagle indicator is showing a buy signal, so we must be cautious, as a strong upward move could be followed by a sharp technical correction. We could look for opportunities to open short positions below the 5/8 Murray level or below the 200 EMA, with targets at the close of the gap and, finally, at the 3/8 Murray level.
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