Crude oil (WTI) is trading at $91.91 with a positive bias but showing signs of a strong uptrend. Therefore, it is expected to rebound to the psychological level of $100 again in the coming days.
If crude oil falls below $88.35 per barrel and below the 7/8 Murray in the next few hours, we could expect a further downward movement during which the instrument could reach the bottom of the upward trend channel around $82.50.
The outlook remains bullish for crude oil, so a pullback towards the 21 SMA around $88 per barrel could be expected and seen as a signal to continue buying with targets at $100. WTI could even reach the +1/8 Murray around $112 per barrel in the coming days.
The Eagle indicator is showing a positive signal, and we believe that crude oil will continue to rise in the coming days. Hence, any pullback, as long as the WTI oil trades within the uptrend channel formed since February 25, will be seen as a signal to buy.
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