Bullish sentiment helps propel WTI crude oil to 1.27% gain

A quick look at Friday: after dipping down to $74.77, WTI crude oil regained earlier losses and reached $76.68 per barrel.

Crude Oil made an initial breakout above its 3 day Simple Moving Average at $76.61, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $76.53 currently serving as resistance US crude oil's lower Bollinger Band® is at $74.04, indicating that the market is oversold and fertile for new buyers. Despite this, US crude oil is 82 cents away from testing key resistance at $77.5. Peaking above this level could inspire market bulls and open the path to further gains.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts WTI crude to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the US crude oil is expected to pick up significant bullish sentiment in the coming days.

A look at other Energy also shows upside as Heating Oil went up by 4.22% Friday, and closed at $2.78. Brent Crude Oil added 1.4% and closed around $81.59 Friday.

Though WTI crude oil is going up, other Energy are underperforming — Natural Gas is down to $2.44, losing 10.7 cents, after ending the previous session around $2.54.

West Texas crude has fallen back around 37.98% over the past 9 months, from a notable high of $122.09.