Bullish phase under threat as US crude oil stays range-bound

On a 5 day uptrend, Today's session might suggest a slow down — West Texas crude trades at $70.67 per barrel, after ending Friday at $70.64.

'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. US crude oil's upper Bollinger Band® is at $72.51, suggesting that a downward move may follow.

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 closed at $2.72 (down 2.86%).

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States ISM Manufacturing PMI (Jun) is expected today at 14:00 UTC.

WTI crude has recovered 5.04% since descending to a significant low of $67.25 around 21 days ago.