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Crude oil is trading around $85.95, pulling back after encountering strong resistance around the 6/8 Murray level at $87,50. This level represents strong resistance, as it acted as strong support during April, May, and June, so the CL may now struggle to continue rising.
Crude oil may struggle to continue rising above the 6/8 Murray level, so we believe that in the coming hours, a strong technical correction toward the 5/8 Murray level around $81.25 could occur, and the instrument might even find strong support around $78.90 near the 200 EMA.
Given that the Eagle indicator on the H4 charts has reached overbought levels, we could technically look for opportunities to sell below $87.50 with initial targets around $81.25 and $78.90.
If crude oil finds strong support at the 5/8 Murray level or around the 200 EMA, we should watch this area to see if the market forms support or consolidation there, which could present an opportunity to re-enter long positions.
A break below $78.90 could accelerate the decline in crude oil, potentially reaching the $71.00 level—where a gap was left on July 9—and we could even expect the price to reach the 3/8 Murray level around $68.75.
If crude oil consolidates above $87.50 in the coming days, it could continue to rise until it fills the gap left around $95.99.
Conversely, a drop below $78.90 could send prices down until they fill the gap left around $71.38.
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