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June 22, 2023After closing the previous trading day at $69.51, WTI crude tested the upside around $69.65 today before settling back around $69.38 per barrel as bullish sentiment faded.
United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.
WTI crude's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 1.87 million with a reading of -3.83 million. United States Existing Home Sales (May) released today at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Trend-following investors would be interested to note that Crude Oil made an initial break below its 50 day Simple Moving Average at $71.82, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $71.48 by around $2.1 with prices hammering out a $69.35 – $69.65 range by session close. Analysis based on the asset volatility indicates that West Texas crude's upper Bollinger Band® is at $73.76 and the lower is $67.82. Following today's trading session, chart analysis suggests WTI crude is approaching key support, around $1.3 away from $68.08. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
The current technical outlook indicates US crude oil will continue to ebb sideways within tight ranges for the immediate future.
Moreover, United States Services PMI is expected tomorrow at 13:45 UTC.
WTI crude oil hit a significant low of $67.25 around 10 days ago, but has since recovered 3.36%.
