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May 14, 2023Friday at a glance: bearish sentiment ensured WTI crude oil finished Friday's session lower. However, despite the downward bias, West Texas crude etched out a distinct $69.93 to $71.78 session range.
Crude Oil could begin to recover as it approaches significant support, now 69 cents away from $69.4. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, WTI crude peaked above its 10 day Simple Moving Average around $71.72 — typically an early indicator of a new bullish trend beginning to emerge. US crude oil's lower Bollinger Band® is at $67.24, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems US crude oil —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
US crude oil's value drop coincided with the fact that after ending Friday's session at $2.35, Heating Oil lost 4.77 cents and is trading around $2.3. Brent Crude Oil slides down 1.12% Friday and closed at $75.
Though US crude oil has been dropping, other Energy have been performing better: Natural Gas went up by 4% Friday, and closed at $2.28.
US crude oil hit a significant low of $68.25 around 11 days ago, but has since recovered 3.84%.
