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March 18, 2023
A quick look at yesterday: US crude oil descends 2.94% to close at $66.34 per barrel yesterday.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. US crude oil has just crossed the lower Bollinger Band® at $70.79, indicating further losses could be forthcoming. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In WTI crude's case, the index has fallen below 30, signalling that the asset is oversold.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting WTI crude to extend its recent losses.
WTI crude's value drop coincided with the fact that Natural Gas drops 6.52% yesterday and closed at $2.51. Brent Crude Oil is down to $72.53, losing $2.17, after ending the previous session around $74.7.
Though WTI crude has been dropping, other Energy have been performing better: notably, Heating Oil rose 1.35% yesterday and closed at $2.64.
US crude oil reached a significant high of $122.09 around 9 months ago but has lost 44.02% since then.
