Crude oil rebounded above its strong support level of $99, which also coincided with the lower band of the uptrend channel, giving it strong momentum. We believe it could continue its rise in the coming hours, so any pullback will be seen as an opportunity to buy crude oil.

Should there be strong resistance around $103.90—the high reached during the European session—we could monitor this level. If the price fails to break above this zone, we could see a technical reversal, and we could expect a decline toward $101.21, where the 21-day SMA is located; it could even reach the psychological level of $100.

The Eagle indicator is giving a negative signal, and we believe crude oil will continue to fall in the coming days; however, since the beginning of the week, the price has been fluctuating between a high of $103.70 and a low of $99, making a technical correction in the coming days the most likely scenario.

A decisive break below the uptrend channel and consolidation below $99 could be seen as a negative signal, and we could expect crude oil to reach the 200 EMA around $95.15.