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July 04, 2023It's been more of the same this session on the back of 6 days of flat trade, Today's session so far looks to be heading in a similar way — US crude oil is now trading at $69.79 per barrel after tracing out a steady $69.79 – $70.25 range today.
West Texas crude's state is reflected by market data as United States ISM Manufacturing PMI (Jun) released yesterday at 14:00 UTC with a figure of 46, while the previous figure was 46.9. United States ISM Manufacturing Employment (Jun) came out at 48.1, while a consensus of analysts was expecting 50.8. United States ISM Manufacturing Prices (Jun) came out at 41.8.
Crude Oil's upper Bollinger Band® is at $72.43, suggesting that a downward move may follow. Despite this, WTI crude oil is approaching key support, around 73 cents away from $69.06. 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.
Moreover, United States FOMC Meeting Minutes scheduled to come out tomorrow at 18:00 UTC.
WTI crude oil has shed 13.26% over the past three months.
