Bullish ICE Brent crude runs out of steam at $77.35; currently at $77.18 per barrel

After closing the previous trading day at $76.26, Brent crude oil went up to $77.35 only to drop back; still positive overall today, now trading at $77.18 per barrel.

ICE Brent crude is currently trading at $77.18 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.

On the flip side, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.

Despite posting gains so far today, Brent Crude Oil slid below its 10 day Simple Moving Average at $76 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $78.36, thereby suggesting that Brent crude oil is becoming overvalued. Brent crude could be slowing down soon as it approaches resistance at $78.11. Of course, crossing it might suggest further gains are ahead. In contrast, having stamped out a session range of $75.72 to $77.35, Fibonacci-inclined Brent crude traders were highly concentrated around active Fibonacci resistance at $77.11.

Overall, looking at the technical analysis landscape, it seems ICE Brent crude is likely to reverse course and start pointing down in the short term.

A look at other Energy also shows upside as Crude Oil gained 1.45% and is currently trading at $72.87. Having closed the previous session at $2.35, Heating Oil is up 1.24% today to currently trade at around $2.38.

At the same time, after ending yesterday's session at $2.31, Natural Gas lost 10.9 cents and is trading around $2.2.

ICE Brent crude hit a significant low of $72 around 23 days ago, but has since recovered 5.93%.