Crude oil is trading around $92.03, above the 21-day SMA and within the uptrend channel that has been forming since early March.
After finding support around $88.00 per barrel, crude oil is rebounding and is now consolidating above the psychological level of $90 and above the 21 SMA. It is expected to continue rising in the coming days until it reaches the psychological level of $100.
Looking at the 4-hour chart, crude oil has found strong support around $87 and is expected to continue rising in the coming days, potentially reaching $97 and even hitting its weekly high around $101.90.
In case crude oil falls below $87.50, decisively breaking the bullish trend channel, we could expect it to continue its bearish bias and potentially reach the 200 EMA around $82.02, and ultimately test the 6/8 Murray level around $75 per barrel.
The outlook remains bullish, and the Eagle indicator is showing a positive signal. As long as the USD/OIL price trades above $87.50, any pullback should be viewed as an opportunity to continue buying crude oil in the coming days.
