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Trading Signals

Mixed sentiment sees West Texas crude ending the day broadly flat; establishes tight $82.16 to $82.64 range

14 April 2023

CLUSD

US crude oil trades at $82.46 per barrel, after ending yesterday at $82.16.

United States Retail Sales is next.

West Texas crude's state is reflected by market data as United States Producer Price Index published yesterday at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 239,000, falling short of the 232,000 projections and continuing its decline from the previous 228,000 figure. 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.

'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. West Texas crude's upper Bollinger Band® is at $84.62, suggesting that a downward move may follow.

Despite the market lacking direction, technical chart analysis strongly suggests US crude oil is positioned for a downward move in the near term.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as projections for United States Core Retail Sales are set for a continuation of decline with -0.3% while previous data was -0.1%; data will be released today at 12:30 UTC. United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.

10 months ago WTI crude reached a significant high of $122.09 but has consequently lost 32.71% since then.

Market Summary

Latest Energies News

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Mixed sentiment sees WTI crude oil ending the day broadly flat; establishes tight $78.49 to $79.06 range

Brent crude oil ended the previous session at $82.73; currently trading at $80.93 per barrel

Bullish West Texas crude runs out of steam at $78.39; currently at $78.07 per barrel

WTI crude oil dramatically drops by 5.34%

Upwardly mobile US crude oil extends gains by 58 cents; closes session 0.75% higher

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