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April 24, 2023WTI crude oil has been losing ground for 10 days, shedding a total of 6.65% of its value. Today is looking a bit better: US crude oil trades at $77.73 per barrel, after ending Friday at $77.87.
Trend-following investors would be interested to note 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 $84.13 and the lower is $76.21.
The current technical outlook indicates WTI crude oil will continue to ebb sideways within tight ranges for the immediate future.
Meanwhile, mixed performances are seen in other Energy as Heating Oil trades close to $2.5, with no major change.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Building Permits scheduled to come out tomorrow at 13:30 UTC. United States New Home Sales (Mar) is expected tomorrow at 14:00 UTC. United States Consumer Confidence projected to come out at 104 — worse than previous data of 104.2; data will be released tomorrow at 14:00 UTC.
WTI crude oil has fallen back around 36.22% over the past 10 months, from a notable high of $122.09.
