WTI crude oil trades at $92.24 per barrel after gaining 81.5 cents (0.89%).
Following today's trading session, chart analysis suggests although Crude Oil is appreciating today after rising as high as $94.12, price action is now slowing and consolidating around $2.14 below the $94.38 resistance level. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Fibonacci-focused traders would be interested to note that US crude oil is oscillating around the key Fibonacci resistance level of $93.45. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $92.4, thereby suggesting that WTI crude is becoming overvalued.
Overall, while WTI crude has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other Energy, Natural Gas climbs 4.7% to trade around $6.7.
Meanwhile, Heating Oil closed at $3.78 (down 3.52%).
Also worthy of note, United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
Approximately 8 months ago, WTI crude oil reached a significant high of $124.77 but has struggled to hold onto its gains and declined 26.72% since then.