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

In the midst of an 11 day bullish trend, Today's session might suggest a slow down — West Texas crude trades at $80.32 per barrel, after ending yesterday at $80.46.

United States Fed Chair Powell testimony is next today at 15:00 UTC.

US crude oil's state is reflected by market data as United States Factory Orders released yesterday at 15:00 UTC is better than expected at -1.6% but down from preceding data of 1.7% according to new data.

Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that US crude oil's upper Bollinger Band® is at $80.97, suggesting that a downward move may follow.

Notwithstanding US crude oil's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Meanwhile, mixed performances are seen in other Energy as Natural Gas is up 1.28%.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -308,000, following on from the preceding figure of 1.17 million. New data is set to be published tomorrow at 15:30 UTC. United States ADP Nonfarm Employment Change (Feb) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Jan) is scheduled for tomorrow at 15:00 UTC.

11 months ago WTI crude reached a significant high of $124.77 but has consequently lost 35.51% since then.