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March 11, 2023
Yesterday at a glance: WTI crude oil recovered from the previous trading session's losses and went up to $76.68 per barrel yesterday after it traded lower at $74.77.
This move comes while some more positive signs for WTI crude are out as United States Non Farm Payrolls beat the 205,000 projections, with 311,000.
On the flip side, Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.
Meanwhile, 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. WTI crude is currently trading around the $76.53 Fibonacci resistance level. US crude oil's lower Bollinger Band® is at $74.04, indicating that the market is oversold and fertile for new buyers. Despite this, WTI crude oil could be slowing down soon; it is getting close to the resistance line and is now at $77.5, only 82 cents away. Crossing the resistance line could, however, suggest that 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 West Texas crude is expected to pick up significant bullish sentiment in the coming days.
A look at other Energy also shows upside as Heating Oil soars 4.22% yesterday and closed at $2.67. Brent Crude Oil increases 1.4% yesterday and closed at $81.59.
Though WTI crude is going up, other Energy are underperforming — Natural Gas goes down 4.21% yesterday and closed at $2.54.
9 months ago US crude oil reached a significant high of $122.09 but has consequently lost 37.98% since then.
