After closing the previous trading day at $71, WTI crude oil is up to $71.55 per barrel, which makes for a move of 0.75%/55 cents today.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates West Texas crude is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, WTI crude’s lower Bollinger Band® is at $70.1, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests West Texas crude has no clear-cut direction.
A look at other Energy also shows upside as having closed the previous session at $6.25, Natural Gas is up 10.3% today to currently trade at around $6.89. Heating Oil is up 1.26%.
Other Energy are showing mixed performance as Brent Crude Oil trades close to $76.5, with no major change.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 7.3%. It previously stood at 7.7%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.3%. It previously stood at 0.3%; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. WTI crude oil traded as high as $124.77 before shedding 40.27% lower over the past six months.