Crude oil is approaching resistance levels around the 5/8 Murray and could continue its rise slightly until it reaches the upper band of the downtrend channel at $91.30.

If crude oil faces rejection below $91 in the coming hours, this could be considered a negative signal, and we could look to sell below this zone, at $90 and $89, with the hope that it will ultimately reach the 61.8% Fibonacci retracement level around $88.

Technically, oil could continue to fall, as it remains within the downtrend channel; as long as the price consolidates below the Murray 5/8 level at $90.62, strong downward pressure could persist, and we could open short positions below this zone.

An opportunity to open long positions in crude oil would be to wait for the price to rebound above the Murray 4/8 level, around $87.50. This level, which also constitutes strong support, could provide us with a buying opportunity, and we could expect the price to reach the psychological level of $90.

The US nonfarm payrolls will have a direct impact today. I warn you to brace for high volatility in crude oil prices in the coming hours. Therefore, as long as the price remains above the 4/8 Murray level or pulls back toward this area, we will look to buy. Conversely, if the price reaches the 21-day SMA around $92.53 or the 6/8 Murray level around $93.75, it will be considered a sell signal.