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April 09, 2023
On a 7 day uptrend, Thursday's session put the brakes on the ongoing uptrend — US crude oil recovered back to $80.46 per barrel after dipping down to $79.65, in a session that followed Wednesday's $80.7 close value.
Crude Oil made an initial break below its 5 day Simple Moving Average at $79.74, a possible indication of a forthcoming negative trend. West Texas crude's upper Bollinger Band® is at $82.61, suggesting that a downward move may follow. Despite this, WTI crude is approaching key support, around 71 cents away from $79.75. 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.
Despite the market lacking direction, technical chart analysis strongly suggests West Texas crude is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Energy as Natural Gas moves 1.19% Thursday and closed at $2.
Having set a significant high of $122.09 10 months ago, WTI crude oil is trading 33.9% lower.
