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June 28, 2023Without a clear-cut direction, West Texas crude is trading around $67.93 per barrel and ranging between $67.05 and $68.45.
- United States Fed Chair Powell speech is next.
- While flat so far today, WTI crude oil is on a 6 day bearish trend during which it lost $4.76 of its value.
Earlier data releases related to West Texas crude – United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000. United States Consumer Confidence beat analyst expectations of 104 and the previous reading of 102.5 with new data of 109.7.
Technical analysis of WTI crude oil before macro data is released:
A study of West Texas crude's chart reveals various key levels to watch: Crude Oil is approaching key support, around $1.13 away from $66.8. 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. Technical analysis trend indicators suggest that 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. Analysis based on the asset volatility indicates that US crude oil's upper Bollinger Band® is at $73.06 and the lower is $67.2.
Overall, the technical outlook suggests US crude oil is likely to remain muted for the immediate future, with no clear-cut direction.
Coming up for WTI crude — United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million. It previously stood at -3.83 million; data will be released today at 14:30 UTC. United States GDP projected to come out at 1.4 — worse than previous data of 2.6; data will be released tomorrow at 12:30 UTC.
As the markets get ready for more data to be released — Brent Crude Oil moves 0.29% to trade around $72.47.
Over the past a year, US crude oil has retreated 39.42% from a noteworthy peak of $111.76.
