A quick look at Friday: WTI crude went up to $77.95 per barrel Friday, gaining 0.75%.
Crude Oil made an initial breakout above its 50 day Simple Moving Average at $78.21, a potential indicator of a newly emerging bullish phase. WTI crude formed a session range of $76.72 to $78.39 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $77.77. US crude oil's lower Bollinger Band® is at $75.43, indicating that the market is oversold and fertile for new buyers. On the other hand, note that US crude oil could be slowing down soon; it is getting close to the resistance line and is now at $78.59, only 64 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts WTI crude to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the WTI crude oil is expected to pick up significant bullish sentiment in the coming days.
This rally in WTI crude oil's price coincides with other Energy as Brent Crude Oil added 0.81% and closed around $81.1 Friday.
Other Energy showed mixed performance as Heating Oil moves 0.17% Friday and closed at $2.49.
Having soared to a high of $122.09 approximately 10 months ago, WTI crude oil is now trading 36.63% lower.