The price of crude oil is trading around $86.07, below the Murray 4/8 line and the 21-period simple moving average (SMA), and is rebounding after reaching $83; it is now consolidating above this level. Therefore, we believe that if the price decisively breaks above the Murray 4/8 line, it could continue to rise in the coming days.

Crude oil is under downward pressure within the trend channel formed since October 27. Technically, we could expect it to consolidate in the coming days below $87.50 and above $81. Therefore, if the price encounters strong resistance around $87.50, this will be considered a signal to continue selling, with targets at $84.37 and $81.25.

A trend reversal could occur if the price of crude oil consolidates above $87.50. In that case, we could expect it to reach the psychological level of $90—around the 5/8 Murray level at $90.62—and ultimately reach the 200-day moving average, around $93.33, which could also act as strong resistance.

The Eagle indicator has reached oversold levels, and from a technical perspective, we observe that oil is in a zone of strong support. Therefore, a technical rebound above this level could be considered a buying opportunity only if it reaches the 3/8 Murray level.