US crude oil is now trading at $82.5 per barrel after tracing out a steady $82.16 – $82.64 range today.
WTI crude oil's state is reflected by market data as highly important Producer Price Index data from United States beat analyst expectations of 0.1% with a reading of -0.5%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 232,000 with a reading of 239,000. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. WTI crude's upper Bollinger Band® is at $84.63, suggesting that a downward move may follow. On the other hand, note that US crude oil is approaching key support, around 69 cents away from $81.81. 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 Natural Gas moves 0.8% to trade around $2.02. Brent Crude Oil moves 0.33% to trade around $86.37.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core Retail Sales expected to decline to -0.3% while its preceding data was -0.1%, data will be available today at 12:30 UTC. United States Retail Sales is expected today at 12:30 UTC.
10 months ago US crude oil reached a significant high of $122.09 but has consequently lost 32.71% since then.