Crude oil (WTI) is trading around $94.91, below the 21-day SMA and within the uptrend channel that formed on March 10. Crude oil will likely continue to rise in the coming hours until it reaches the psychological level of $100.
Given that crude oil maintains bullish momentum, we could look for buying opportunities whenever the price consolidates above $95.37. We could then expect the price to reach $98, the 8/8 Murray zone, and if this level is breached, it could reach the +1/8 Murray level around $112.50 per barrel.
The Eagle indicator has reached oversold levels and is already showing a positive signal. So, if the price rebounds around $92—the lower band of the uptrend channel—it could be seen as a signal to open long positions.
A drop below the 7/8 Murray level around $87.50 could change the crude oil outlook, and we could expect it to reach the 200 EMA around $78.79 and potentially even reach the 6/8 Murray level around the psychological $75 per barrel mark.
Given that crude oil is in a bullish scenario, the strategy will be to look for opportunities to buy above $95; or, in case of a pullback around $92, we could continue buying in the coming days.
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