On the other hand, if crude oil consolidates above the 21-day simple moving average (SMA) at $72.33, this could be interpreted as a buy signal in the coming days, with targets at the Murray 4/8 level, around $75. Ultimately, we expect the instrument to reach the upper band of the bullish channel, which coincides with the 200-day simple moving average (SMA), around $77.60.
Given that the Eagle indicator is showing a negative signal, we can expect consolidation over the next few days around the psychological level of $70, after which crude oil could resume its upward trend.
