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CL Crude Oil is trading around $86.84 under downward pressure below the 200 EMA and below the 21 SMA, suggesting that it could continue to fall in the coming days until it reaches the 5/8 Murray level.
Crude oil failed to break through the upper band of the downtrend channel. CL has been trading below $92 in recent sessions. After a pullback to the 6/8 Murray level, it reached the psychological $90 level; after encountering strong resistance, we observed a break below the 6/8 Murray level.
This means that crude oil is under downward pressure, and in the coming days we could expect a decline toward $81.25; it could even reach the psychological level of $80, which also coincides with the lower band of the downtrend channel.
If crude oil recovers some of its losses in the coming hours and consolidates above $87, we could expect it to reach the psychological level of $90 around the 200 EMA. If it encounters strong resistance around this area, it could be considered an opportunity to re-enter short positions.
Conversely, a decisive break above the 200 EMA and above the psychological level of $90, coupled with a sharp break above the downtrend channel, could lead crude oil to reach the 1/8 Murray level around $93.75, the September 23 high around $95, and could ultimately reach the 8/8 Murray level near the psychological $100 mark.
Our outlook for crude oil remains bearish; therefore, if there is a pullback toward $90 in the coming days, it will be viewed as an opportunity to continue selling, with targets at $81.25 and $80.
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