Crude Oil Technical Analysis: Key Resistance at $91.30 Ahead of NFP

Crude oil prices are approaching critical technical resistance near the 5/8 Murray level, heading toward the upper boundary of its prevailing downtrend channel at $91.30. The commodity remains under broader downward pressure as market participants prepare for increased price action ahead of the upcoming U.S. Non-Farm Payrolls (NFP) report.

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A rejection below the $91.00–$91.30 zone would reinforce the bearish channel dynamics. Continued consolidation below the 5/8 Murray level at $90.62 maintains a short-term bearish outlook, opening the door for short positions targeting $90.00 and $89.00, with extended downside targets near the 61.8% Fibonacci retracement level at $88.00.

Should buying pressure drive prices higher, secondary technical resistance is expected to limit upside potential. The 21-day Simple Moving Average (SMA) at $92.53 and the 6/8 Murray level near $93.75 represent strong overhead resistance levels where renewed technical selling signals may emerge.

Conversely, a bullish setup relies on holding major downside support. A rebound or steady pullback toward the 4/8 Murray level around $87.50 offers a potential long entry. Holding above this key support area could allow prices to recover toward the psychological $90.00 level.

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Traders should anticipate heightened volatility in crude oil following the release of the U.S. employment statistics. Technical bias remains tilted toward selling near upper resistance levels ($91.30, $92.53, and $93.75) while looking for buying opportunities strictly above the solid $87.50 support baseline.

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