Bullish US crude oil runs out of steam at $78.39; currently at $77.95 per barrel

Yesterday at a glance: with a daily low of $76.72, US crude oil closed yesterday at $77.95 per barrel, after ending Thursday at $77.37 and gaining 58 cents (0.75%).

Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions came out at 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.

Crude Oil made an initial breakout above its 50 day Simple Moving Average at $78.21, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $77.77 currently serving as resistance. If broken, the next Fib hurdle is expected to be $78.82. WTI crude's lower Bollinger Band® is at $75.43, indicating that the market is oversold and fertile for new buyers. In contrast, US crude oil could be slowing down soon as it approaches resistance at $78.59. Of course, crossing it might suggest further gains are ahead.

Examining the technical analysis landscape, WTI crude might continue its downtrend in the short term.

Rallies can also be seen in other Energy, Brent Crude Oil ascends 0.81% yesterday and closed at $81.1.

Other Energy showed mixed performance as Heating Oil moves 0.17% yesterday and closed at $2.49.

Having soared to a high of $122.09 approximately 10 months ago, West Texas crude is now trading 36.63% lower.