Yesterday at a glance: bearish sentiment ensured WTI crude finished yesterday's session lower. However, despite the downward bias, WTI crude etched out a distinct $76.22 to $79.9 session range.
Despite being in the red so far in the current trading session, Crude Oil peaked above its 5 day Simple Moving Average around $79.22 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $73.91, a low enough level to, generally, suggest that WTI crude is trading below its fair value. West Texas crude could begin to recover as it approaches significant support, now $1.25 away from $75.03. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that WTI crude's current downtrend might soon change course and start climbing up in the short term.
West Texas crude's value drop coincided with the fact that Heating Oil drops 3.58% yesterday and closed at $3.36. Brent Crude Oil is down to $83.63, losing $1.78, after ending the previous session around $85.41. Natural Gas retreats 3.89% yesterday and closed at $7.31.
WTI crude has shed 30.87% over the past six months.