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March 16, 2023West Texas crude has been losing ground for 7 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $67.61, West Texas crude is up to $68.34 per barrel, which makes for a move of 1.08%/73 cents today.
United States Building Permits (Feb) is next today at 12:30 UTC.
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. Having crossed its lower Bollinger Band® at $71.58, WTI crude oil could be headed for a downward correction. On the other hand, note that the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In US crude oil's case, the index has fallen below 30, signalling that the asset is oversold.
Overall, looking at the technical analysis landscape, it seems US crude oil is likely to reverse course and start pointing down in the short term.
Rallies can also be seen in other Energy, Natural Gas is up 2.34%. Having closed the previous session at $73.69, Brent Crude Oil is up 1.1% today to currently trade at around $74.5.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 205,000, having previously been at 211,000. The figure will be published today at 12:30 UTC.
Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (Mar) is expected today at 12:30 UTC. United States Building Permits (Feb) scheduled to come out today at 12:30 UTC.
Having set a significant high of $122.09 9 months ago, WTI crude is trading 44.62% lower.
