After closing the previous trading day at $77.94, WTI crude oil is up to $78.56 per barrel, which makes for a move of 0.8%/62 cents today.
Trend and momentum analysis indicates that 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. Analysis based on the asset volatility indicates that US crude oil's lower Bollinger Band® is at $76.39, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests WTI crude oil is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in WTI crude oil's price coincides with other Energy as Heating Oil gained 1.04% and is now trading at $3.39.
While US crude oil is higher so far today, these Energy commodities are underperforming: Natural Gas closed at $7.16 (down 2.04%).
Other Energy are showing mixed performance as Brent Crude Oil trades close to $85.74, with no major change.
8 months ago WTI crude oil reached a significant high of $124.77 but has consequently lost 37.53% since then.