Commodity traders stay bullish as WTI crude oil adds $1.43 or 2.06%

After closing the previous trading day at $69.26, West Texas crude is up to $70.69 per barrel, which makes for a move of 2.06%/$1.43 today.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. WTI crude oil has just crossed the lower Bollinger Band® at $72.43, indicating a downward correction could occur..

West Texas crude is likely to reverse course and start pointing downward in the short term.

This rally in WTI crude oil's price coincides with other Energy as Brent Crude Oil is up 1.87%. Heating Oil added 1.51% to its value, now trading at $2.74.

While WTI crude is appreciating, other Energy are comparatively not doing so well — Natural Gas is down 11.7 cents from the beginning of the session and now trades around $2.1.