The price of crude oil is hovering around $86.38 per barrel, below the 6/8 Murray line, and is facing strong downward pressure after breaking below the 200-day exponential moving average (EMA), which stands at around $95.20.

Since last Friday's US trading session, the price has been in a downtrend for nearly a week and is likely to continue falling in the coming days until it reaches the 5/8 Murray level, around $81.25.

If crude oil consolidates above the 6/8 Murray level in the coming hours, it could be seen as a positive buy signal, with targets at $93.75, around the 7/8 Murray level.

Conversely, if the price fails to consolidate above this line, it could be interpreted as a negative signal to resume selling, and we could expect it to reach the 5/8 Murray level as a target, at $80.25, and ultimately reach the psychological level of $80.

Given that crude oil left a gap around $102, we believe—from a technical perspective—that it could return to these levels in the coming days following a consolidation. Therefore, since there is not yet a defined downtrend, this could be considered a technical correction before the price resumes its primary uptrend.

We should keep an eye on the 6/8 Murray level; above it, there will be a positive buy signal, and below it, downward pressure will continue, and it will be considered a sell zone.