Stable at $79.84 and still trending upwards, Today's session might suggest a slow down — WTI crude recovers back to $79.84 per barrel today after dipping down to $79.79, in a session that follows a previous closing value of $79.74.
Crude Oil made an initial break below its 5 day Simple Moving Average at $80.7, a possible indication of a forthcoming negative trend. WTI crude's upper Bollinger Band® is at $82.96, suggesting that a downward move may follow. In contrast, West Texas crude is approaching key support, around 65 cents away from $79.19. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Heating Oil moves 0.16% to trade around $2.69.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
Over the past 10 months, WTI crude has retreated 34.69% from a noteworthy peak of $122.09.
