Crude oil is trading around $89.84, pulling back after reaching the upper band of the downtrend channel that has been forming since September 23. Technically, the instrument is consolidating around the 200 EMA and the 21 SMA, which suggests it may resume its uptrend in the coming days.
Crude oil has a key support level around $87.50, and we expect a technical rebound to occur around this area should the downward pressure continue.
Conversely, if the price continues to consolidate above the 200-day and 21-day moving averages, this could offer a buying opportunity, and we expect the instrument to break decisively out of the downtrend channel, potentially reaching the 7/8 Murray level around $93.75 and ultimately rising to the psychological level of $100.
A drop below the 6/8 Murray level could change the outlook for crude oil, and we could expect it to reach the lower band of the downtrend channel around $84.70 and eventually reach the 5/8 Murray level around $81.25.
We expect crude oil to continue consolidating below $91.50 and above $87.50 in the coming days.
The Eagle indicator is showing a positive signal, and as long as the price consolidates above $87.50, it will be viewed as an opportunity to continue buying.
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