US crude oil continued a five day positive streak, up $1.69 to $79.85

A quick look at yesterday: WTI crude oil rallied $1.69 (2.16%) deep into the session, reaching $79.85 per barrel.

Meanwhile, United States ISM Non-Manufacturing PMI (Feb) released yesterday at 15:00 UTC with a figure of 55.1, while the previous figure was 55.2. Fresh CFTC Crude Oil speculative net positions data from United States came out at 224,200. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 128,800, while the previous figure was 160,300.

Despite posting gains on yesterday, Crude Oil slid below its 50 day Simple Moving Average at $77.62 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $80.65, thereby suggesting that WTI crude oil is becoming overvalued. West Texas crude could be slowing down soon; it is getting close to the resistance line and is now at $81.22, only $1.37 away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite this, Fibonacci-focused traders would be interested to note that WTI crude is oscillating around the key Fibonacci resistance level of $78.27.

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest US crude oil is set for a reversal in the coming days.

This rally in West Texas crude's price coincides with other Energy as notably, Natural Gas rose 9.08% yesterday and closed at $2.77. Brent Crude Oil is trading around $86 after ending yesterday's session at $84.75 (up 1.47% today). Heating Oil went up by 1.34% yesterday, and closed at $2.9.

Having soared to a high of $124.77 approximately 11 months ago, WTI crude oil is now trading 37.36% lower.