West Texas crude trades at $92.09 per barrel after gaining 66.4 cents (0.73%).
Technical chart analysis shows Crude Oil could be slowing down soon as it approaches resistance at $94.38. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that investors are seeking long positions as US crude oil price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $92.36, thereby suggesting that US crude oil is becoming overvalued.
Overall, while US crude oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other Energy also shows upside as Natural Gas surges 10.61% to trade around $7.08.
While WTI crude is higher so far today, these Energy commodities are underperforming: Heating Oil is down to $3.87, losing 4.37 cents, after closing at $3.91 in the preceding trading session.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
8 months ago WTI crude reached a significant high of $124.77 but has consequently lost 26.72% since then.