While on a 7 day slump, falling a total of 17.85%, More of the same today: WTI crude is down to $66.28 per barrel, after ending Friday at $66.74. Overall, a 0.69% loss or 46 cents today.
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. A crossing of the lower Bollinger Band® at $70.76 suggests further losses may follow for US crude oil. In contrast, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In WTI crude oil's case, the index has fallen below 30, signalling that the asset is oversold.
In the short term, WTI crude oil is expected to maintain its recent downtrend and continue spiralling lower.
Taking a look at other Energy commodities, negative performances are evident as Natural Gas closed at $2.29 (down 1.88%).
Though West Texas crude has been dropping, other Energy have been performing better: having closed the previous session at $2.68, Heating Oil is up 0.75% today to currently trade at around $2.7.