Bullish WTI crude runs out of steam at $76.92; currently at $76.63 per barrel

A quick look at Friday: WTI crude oil rallied $1.87 (2.5%) deep into the session, reaching $76.63 per barrel.

Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76.57, a potential indicator of a newly emerging bullish phase. US crude oil's lower Bollinger Band® is at $74.11, indicating that the market is oversold and fertile for new buyers. Despite this, US crude oil could be slowing down soon as it approaches resistance at $77.77. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems WTI crude likely to continue pointing upward in the short term.

A look at other Energy also shows upside as Brent Crude Oil added 2.6% and closed around $78.22 Friday. Heating Oil went up by 0.92% Friday, and closed at $2.37. Natural Gas went up by 1.83% Friday, and closed at $2.4.

Furthermore, the market is looking at United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.

US crude oil is now trading 38.77% below the significant high of $122.09 it set around 10 months ago.