Crude oil is trading around $90.13, rebounding after finding strong support around the 6/8 Murray level and around $86.00. Crude oil has upside potential, and we could expect it to continue rising in the coming hours until it attempts to challenge the strong resistance at the upper band of the downtrend channel around $91.70

If crude oil continues to rise in the coming hours, we could expect it to consolidate above the 200 EMA around the psychological level of $90; a move above this zone could be seen as a signal to continue buying, with targets at $91.70 and at the 7/8 Murray level around $93.75.

Given that the 200 EMA is acting as resistance, we could expect crude oil to pull back in the coming hours, potentially retracing toward the 21 SMA at $89 or toward the 6/8 Murray level before resuming its uptrend.

If crude oil encounters strong resistance around $91.70 and fails to break above this zone, it will be seen as a signal to sell with a target at $87.50. If the price falls below that area, we even expect it to reach $83.39 in the coming days—around the lower band of the downtrend channel—and ultimately reach the 5/8 Murray line near the psychological level of $80.

For the next few hours, our outlook for crude oil remains bullish, so any pullback will be viewed as a signal to continue buying. A decisive break above $92 could be seen as a signal to continue buying in the coming days.

The Eagle indicator is showing a positive signal, which supports our bullish strategy. As long as the instrument remains above $87.50, this outlook will remain positive.