Commodity traders stay bullish as WTI crude oil adds 79 cents or 1.1%

Currently trading at $72.62 per barrel, WTI crude oil remains range-bound between $71.49 and $73.05.

US crude oil is currently trading at $72.62 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.

Nevertheless, highly important Core Durable Goods Orders data from United States beat analyst expectations of 0% with a reading of -0.2%. United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

At the same time, United States Core PCE Price Index (MoM) (Apr) released today at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3.

Crude Oil could be slowing down soon; it is getting close to the resistance line and is now at $73.81, only $1.19 away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains so far today, WTI crude oil slid below its 21 day Simple Moving Average at $71.73 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $74.3, thereby suggesting that West Texas crude is becoming overvalued.

WTI crude oil is likely to reverse course and start pointing downward in the short term.

This rally in West Texas crude's price coincides with other Energy as having closed the previous session at $2.35, Heating Oil is up 1.71% today to currently trade at around $2.39. Brent Crude Oil gained 0.79% and is now trading at $76.86.

While WTI crude is higher so far today, these Energy commodities are underperforming: Natural Gas is down to $2.22, losing 9 cents, after closing at $2.31 in the preceding trading session.

US crude oil hit a significant low of $68.25 around 23 days ago, but has since recovered 5.25%.