The price of crude oil is trading around $90.41 with an upward bias, rebounding after finding solid support near the bottom of the uptrend channel that has formed since early March.
Given WTI's upside potential, any pullback could be seen as a signal to buy above the 7/8 Murray line at around $87.56. At current price levels, we could buy crude oil, as it is expected to reach $93.70 in the coming hours, where the 21 SMA is located.
A consolidation above $93.70 could support crude oil's recovery, and it could quickly reach the psychological level of $100 per barrel or even hit the top of the uptrend channel around $105.
If crude oil (WTI) returns to $87 or $85, both levels could serve as good entry points for long positions, as this entire zone represents strong support for crude oil.
The Eagle indicator is showing a positive signal, so any pullback will give us the opportunity to buy crude oil in the coming hours.
