Bearish WTI crude oil mostly flat today, trading at $67.06

West Texas crude is on a 7 day downtrend Today is looking a bit better: West Texas crude trades at $67.06 per barrel, after ending Friday at $66.74.

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. WTI crude has potential of recording further declines after crossing its lower Bollinger Band® at $71.08. Despite this, the Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains.

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 0.63% and is currently trading at $2.7. Natural Gas moves 1.15% to trade around $2.37.

WTI crude has fallen back around 45.34% from the significant high of $122.09 set 9 months ago.