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June 25, 2023While on a 3 day downtrend With a marginal improvement upon Friday's session, WTI crude ended the session around the $69.5 per barrel level today, after Thursday's 1 cents decline and close at $69.51.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. West Texas crude formed a session range of $67.35 to $69.65 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $68.25. On the other hand, note that US crude oil bounced after reaching the $67.96 support zone, climbing $1.54 above it. US crude oil's upper Bollinger Band® is at $73.77 and the lower is $67.75.
Although price action remains in a stalemate, technical analysis suggests West Texas crude could be primed for a break to the downside.
Meanwhile, mixed performances are seen in other Energy as Natural Gas rises 4.72% Friday and closed at $2.61. Heating Oil is down to $2.42, losing 4.56 cents, after ending the previous session around $2.47.
WTI crude oil hit a significant low of $67.25 around 13 days ago, but has since recovered 3.36%.
