Crude oil (CL) is trading around $100.38, below the 21-day simple moving average (SMA) of $100.75. The instrument is under downward pressure, pulling back after completely closing the gap it left earlier this week around $102.69.

Crude oil managed to close the gap. From its high of $102.73, it is pulling back and now sits below the 21-day simple moving average (SMA). So, we believe it could continue to fall in the coming hours until it reaches the strong support level at $99.

A decisive break below the uptrend channel formed since early October and a consolidation below $99 could be seen as a signal to continue selling crude oil, with targets at $94.72, near the 200-day exponential moving average (EMA); ultimately, we expect it to find support around the Murray 7/8 level at $93.75.

Conversely, if the price remains above the 21-day simple moving average (SMA) at $101.75 in the coming hours, this could be interpreted as a positive signal, and we could resume buying in anticipation of a rise to $103; ultimately, we could expect it to reach the +1/8 Murray level, around $106.25.

The Eagle indicator is showing a negative signal; as long as the price of crude oil remains below $102.73, any technical rebound will be interpreted as a signal to continue selling in the coming days. The ultimate target is for the price to reach $93