Crude oil (WTI) is consolidating below the psychological level of $100.00 and trading around $95.09, recovering after hitting $91 yesterday during the US trading session.
Fears of higher oil prices persist, so oil will likely move toward the $100–$112 range seen in early March, and could even reach the psychological level of $120 per barrel.
On the other hand, the bullish momentum is waning, and technically, it is expected to reach the 6/8 Murray level around the psychological $75.00 mark in the coming days.
If crude oil reaches the 8/8 Murray level around the psychological $100 mark in the coming hours, this could be seen as an area to open short positions, as the price is technically expected to fall below the 61.8% Fibonacci retracement level.
At current price levels, if crude oil consolidates below $96,000, this could be seen as a signal to sell with targets at $87.50 and ultimately at the 200 EMA around $75.50.
