Stable at $80.82 and still trending upwards, Today's session might suggest a slow down — West Texas crude is now trading at $80.82 per barrel after tracing out a steady $80.41 – $81.22 range today.
Crude Oil made an initial break below its 5 day Simple Moving Average at $80.7, a possible indication of a forthcoming negative trend. US crude oil's upper Bollinger Band® is at $82.95, suggesting that a downward move may follow. In contrast, WTI crude is currently alternating around $80.58 with price action moving above and below this key level throughout the session.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas ascends 1.74% to trade around $2.05. Heating Oil moves 0.35% to trade around $2.67.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook is expected tomorrow at 16:00 UTC.
US crude oil is now trading 33.9% below the significant high of $122.09 it set around 10 months ago.