WTI crude oil has been losing ground for 7 days, shedding a total of 15.33% of its value. Today is looking a bit better: West Texas crude trades at $68.31 per barrel, after ending today at $68.35.
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. US crude oil has just broken through its lower Bollinger Band® at $71.57, opening the door for further declines. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In US crude oil's case, the index has fallen below 30, signalling that the asset is oversold.
Despite the market lacking direction, technical chart analysis strongly suggests US crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas trades close to $2.53, with no major change.
Over the past 9 months, West Texas crude has retreated 44.02% from a noteworthy peak of $122.09.