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February 26, 2023
Friday at a glance: Lightly positive WTI crude closed at $76.45 per barrel 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. Price action remains constrained around the key Fibonacci level of $76.19 currently serving as resistance. If broken, the next Fib hurdle is expected to be $77.23. 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 WTI crude could be slowing down soon as it approaches resistance at $77.36. Of course, crossing it might suggest 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 US crude oil's price coincides with other Energy as Heating Oil soars 3.27% Friday and closed at $2.71. Natural Gas surges 6.37% Friday and closed at $2.43. Brent Crude Oil went up by 1.17% Friday, and closed at $83.17.
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%, having previously been at -0.2%. The figure will be published tomorrow at 13:30 UTC.
Furthermore, the market is looking at tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
US crude oil is now trading 39.58% below the significant high of $124.77 it set around 11 months ago.
