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Crude oil (WTI) is trading around $63.64 per barrel with an upward bias and is likely to continue rising in the coming days until it reaches the 5/8 Murray and could eventually reach the upper band of the upward trend channel formed since early January at about $65.20.
If crude oil encounters immediate resistance around the 5/8 Murray at $64.06, we could expect a technical correction towards the 4/8 Murray at $62.50.
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The indicator is approaching overbought levels, so it is likely that crude oil could undergo a technical correction in the coming days only if the price falls below $64.
A return below the 4/8 Murray pivot point located at $62.50 could be negative for crude oil, and we could then expect it to return towards the 21 SMA located at $61.64 and could even reach the 3/8 Murray around $60.93, a level that coincides with the bottom or lower band of the bullish trend channel.
Our trading plan for the next few hours is to sell crude oil only if it finds rejection around $64.06, with targets at $62.50 and $60.90.
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