Crude oil is trading around $101.69 within the uptrend channel that has been forming since early October, rebounding above the psychological $100 level and above the 21-period simple moving average (21SMA) and the Murray 8/8 line.
Oil maintains bullish momentum and could continue its rise in the coming days to fill the gap that opened earlier this week, around $102.63. Ultimately, the instrument could continue climbing to reach the Murray +1/8 level, around $106.25.
Conversely, if the price falls back below the Murray 8/8 line and the psychological $100 level, a bearish sequence could follow, during which the price could reach the Murray 7/8 line, around $93.75, or find strong support around the 200 EMA, located at $94.39.
Given that crude oil maintains upward momentum, we believe the price will continue to fluctuate around the $100 level for some time. From a technical standpoint, we believe it could continue to rise in the coming days.
The Eagle indicator shows a positive signal, so it is more likely that crude oil will continue to move sideways in the coming days between the highs of $103 and $99, as we observe that the CL has reached these levels and could act as strong support.
