Crude oil (WTI) is trading around $64.06 above 5/8 Murray and showing positive signs, waiting to cover the gap left at $65.40.
In the coming hours, we will continue to buy crude oil as it is positioned above the 4/8 Murray, which favors the bullish cycle. We also saw the formation of a pennant pattern on the H4 chart, which suggests a bullish outlook. WTI is likely to reach the 6/8 Murray and could even reach its January high around $66.20.
A drop below the 21 SMA and below 4/8 Murray could change the bullish outlook for crude oil, and we could expect the price to reach the psychological level of $60.00 or find good support around the 200 EMA located at $60.45.
On the H4 chart, we can see that crude oil has an upward trend channel, so a technical rebound at the lower band of this channel around $62.10 will be seen as an opportunity to open long positions.
The Eagle indicator is showing a positive signal, so any pullback in the coming hours will be seen as a buying opportunity.
