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May 07, 2023Friday at a glance: WTI crude oil went up to $71.32 per barrel Friday, gaining 4.03%.
Trend-following investors would be interested to note that Crude Oil made an initial breakout above its 3 day Simple Moving Average at $71.83, a potential indicator of a newly emerging bullish phase. Support/Resistance levels obtained from chart analysis indicate that WTI crude oil could be slowing down soon as it approaches resistance at $72.65. Of course, crossing it might suggest further gains are ahead.
Overall, while US crude oil has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other Energy, notably, Heating Oil rose 3.85% Friday and closed at $2.24. Brent Crude Oil jumps 3.81% Friday and closed at $72.5.
Other Energy showed mixed performance as Natural Gas moves 0.57% Friday and closed at $2.1.
Having set a significant high of $122.09 10 months ago, WTI crude is trading 43.84% lower.
