US crude oil is on a 5 day downtrend Today is looking a bit better: without a clear-cut direction, US crude oil is trading around $82.06 per barrel and ranging between $81.57 and $82.64.
United States Existing Home Sales (Oct) is next.
This uncertain state for WTI crude is reflected by published market data as United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7. Highly important Initial Jobless Claims data from United States beat analyst expectations of 225,000 with a reading of 222,000. United States Building Permits (Oct) came out at 1.53 million, while a consensus of analysts was expecting 1.51 million.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, West Texas crude's upper Bollinger Band® is at $92.67 and the lower is $81.83. US crude oil chart analysis: WTI crude oil is approaching key support, around $1.85 away from $80.21. 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.
Overall, technical indicators suggest WTI crude oil has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Natural Gas slides down 2.76% to trade around $6.19. Heating Oil trades with no major change, around $3.53.
Moreover, United States Existing Home Sales (Oct) is scheduled for today at 15:00 UTC.
WTI crude is now trading 34.57% below the significant high of $124.77 it set around 8 months ago.