| 
February 26, 2023
Friday at a glance: WTI crude oil closed at $76.45 per barrel Friday after ranging between $74.09 and $76.63.
Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76, a potential indicator of a newly emerging bullish phase. WTI crude oil formed a session range of $74.09 to $76.63 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $76.19. WTI crude oil's lower Bollinger Band® is at $73.44, indicating that the market is oversold and fertile for new buyers. On the other hand, note that US crude oil could be slowing down soon; it is getting close to the resistance line and is now at $77.36, only 91 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems West Texas crude might continue pointing upwards in the short term.
This rally in West Texas crude's price coincides with other Energy as Heating Oil went up by 3.27% Friday, and closed at $2.8. Notably, Natural Gas rose 6.37% Friday and closed at $2.43. Brent Crude Oil added 1.17% and closed around $82.21 Friday.
Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Pending Home Sales projected to come out at 1% — worse than previous data of 2.5%; data will be released tomorrow at 15:00 UTC.
Having set a significant high of $124.77 11 months ago, West Texas crude is trading 39.58% lower.
