Commodity traders stay bullish as US crude oil adds $1.06 or 1.41%

A quick look at yesterday: Lightly positive US crude oil closed at $76.45 per barrel after ranging between $74.09 and $76.63.

Meanwhile, United States New Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 670,000, while the previous figure was 625,000. United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. Fresh CFTC S&P 500 speculative net positions data from United States came out at -222,300.

Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $74.09 to $76.63, Fibonacci-inclined WTI crude traders were highly concentrated around active Fibonacci resistance at $76.19. US crude oil's lower Bollinger Band® is at $73.44, indicating that the market is oversold and fertile for new buyers. In contrast, US crude oil is 91 cents away from testing key resistance at $77.36. Peaking above this level could inspire market bulls and open the path to further gains.

Overall, looking at the technical analysis landscape, it seems WTI crude might continue pointing upwards in the short term.

This rally in WTI crude's price coincides with other Energy as notably, Heating Oil rose 3.27% yesterday and closed at $2.71. Notably, Natural Gas rose 6.37% yesterday and closed at $2.43. Brent Crude Oil is trading around $83.17 after ending yesterday's session at $82.21 (up 1.17% today).

11 months ago WTI crude oil reached a significant high of $124.77 but has consequently lost 39.58% since then.