Crude oil is trading around $92.72, below the 200-day EMA and below the 100% Fibonacci extension. From its high of $107, crude oil underwent a technical correction toward the 61.8% Fibonacci level, reaching $103.50. From there, we saw a technical reversal reaching the 7/8 Murray level, which also coincided with the 161.8% Fibonacci extension.
If crude oil consolidates below the 200 EMA in the coming days, we could expect it to continue falling until it reaches the 7/8 Murray level and could even fill the gap left on April 17 around $83.25.
Conversely, if crude oil recovers and consolidates above the 200 EMA, this could be seen as a positive signal to buy, with targets at the 61. 8% Fibonacci level around $97.30 and could even reach the 21 SMA at $98.20, and finally, it could close the gap left around $99.50 at the opening of Wednesday's Asian session.
We must monitor the $93.37 area; above this level, we will look for a positive signal, and below this level, we will continue selling as crude oil could remain under downward pressure.
If crude oil reaches $87.50, we could view this area as a point for a technical rebound, and it could be seen as a positive signal to buy, with targets at $93.37 and $98.20.
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