Stable at $79.49 and still trending upwards, Today's session might suggest a slow down — US crude oil drops from $79.72 to $79.49 per barrel, losing 23 cents (0.29%) today.
Crude Oil made an initial break below its 3 day Simple Moving Average at $78.16, a possible indication of a forthcoming negative trend. On the other hand, note that US crude oil is approaching key support, around $1.1 away from $78.39. 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 US crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Heating Oil gained 1.24% and is now trading at $2.9.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Price Index figure is projected at 0.5%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.2%. It previously stood at 6.5%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
After hitting an important low of $71 approximately 2 months ago, US crude oil has bounced back 12.25% since.