Bearish WTI crude oil mostly flat today, trading at $69.44

West Texas crude has been losing ground for 7 days, shedding a total of 13.93% of its value. Today is looking a bit better: US crude oil trades at $69.44 per barrel, after ending yesterday at $69.67.

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. West Texas crude has just broken through its lower Bollinger Band® at $72, opening the door for further declines.

Despite the market lacking direction, technical chart analysis strongly suggests West Texas crude is positioned for a downward move in the near term.

Meanwhile, mixed performances are seen in other Energy as Natural Gas closed at $2.23 (down 4.86%). Having closed the previous session at $2.69, Heating Oil is up 0.87% today to currently trade at around $2.71.