Upwardly mobile West Texas crude extends gains by 96 cents; closes session 1.27% higher

A quick look at yesterday: after dipping down to $74.77, WTI crude regained earlier losses, closing higher at $76.68 per barrel.

Uptick comes while some more positive signs for West Texas crude are out as United States Non Farm Payrolls beat the 205,000 projections, with 311,000.

On the flip side, United States Unemployment Rate published yesterday at 13:30 UTC came out at 3.6, falling short of the 3.4 projections and continuing its decline from the previous 3.4 figure.

At the same time, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.

Crude Oil made an initial breakout above its 3 day Simple Moving Average at $76.61, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $76.53 currently serving as resistance West Texas crude's lower Bollinger Band® is at $74.04, indicating that the market is oversold and fertile for new buyers. In contrast, WTI crude could be slowing down soon as it approaches resistance at $77.5. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts US crude oil to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the WTI crude is expected to pick up significant bullish sentiment in the coming days.

This rally in US crude oil's price coincides with other Energy as Heating Oil jumps 4.22% yesterday and closed at $2.67. Brent Crude Oil went up by 1.4% yesterday, and closed at $82.73.

At the same time, Natural Gas lost 4.21% yesterday and closed at $2.54.

Having soared to a high of $122.09 approximately 9 months ago, US crude oil is now trading 37.98% lower.