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April 07, 2023
In the midst of a 7 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — West Texas crude recovered back to $80.46 per barrel after dipping down to $79.65, in a session that followed Wednesday's $80.7 close value.
United States Non Farm Payrolls is next.
WTI crude oil's state is reflected by market data as highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.63 trillion, while the previous figure was 8.71 trillion.
Crude Oil made an initial break below its 5 day Simple Moving Average at $79.74, a possible indication of a forthcoming negative trend. WTI crude's upper Bollinger Band® is at $82.61, suggesting that a downward move may follow. Despite this, West Texas 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 US crude oil is positioned for a downward move in the near term.
While US crude oil was pretty flat yesterday, mixed performances were seen elsewhere as Natural Gas moves 1.19% yesterday and closed at $2.
Data to be released Sunday might clear up some of the market fog as United States Non Farm Payrolls projected to come out at 239,000 — worse than previous data of 311,000; data will be released today at 12:30 UTC. United States Unemployment Rate is expected today at 12:30 UTC.
US crude oil is now trading 33.9% below the significant high of $122.09 it set around 9 months ago.
