On an 11 day uptrend, Today's session might suggest a slow down — WTI crude trades at $80.54 per barrel, after ending yesterday at $80.46.
United States Fed Chair Powell testimony is next today at 15:00 UTC.
Uncertainty around West Texas crude is reflected by published market data as United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.
Trend and momentum analysis indicates that investors are seeking long positions as Crude Oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that West Texas crude's upper Bollinger Band® is at $81, suggesting that a downward move may follow.
Notwithstanding US crude oil's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -308,000 from the preceding figure of 1.17 million. United States ADP Nonfarm Employment Change (Feb) scheduled to come out tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is expected tomorrow at 15:00 UTC.
11 months ago US crude oil reached a significant high of $124.77 but has consequently lost 35.51% since then.