West Texas crude dull so far today at $74.82, while in the midst of a bearish run

A 13 day downtrend has resulted in the asset losing $8.51. Today is looking a bit better: after dropping down to $74.03, West Texas crude recovers some losses and is currently trading at $74.82 per barrel.

United States's Pending Home Sales new data released of -5.2% below its previous figure.

Uncertainty around US crude oil is reflected by published market data as following a previous reading of 0.8%, Pending Home Sales in United States released today at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. Highly important GDP data from United States beat analyst expectations of two with a reading of 1.1. Data for United States Initial Jobless Claims published today at 12:30 UTC came out at 230,000, beating projections of 248,000 and showing improvement over the preceding figure of 246,000.

Following today's trading session, chart analysis suggests Crude Oil is approaching key support, around $1.9 away from $72.92. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend and momentum analysis indicates 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 $84.56 and the lower is $74.77.

Overall, technical indicators suggest WTI crude has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen in other Energy as Heating Oil trades close to $2.36, with no major change.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Core PCE Price Index (MoM) (Mar) scheduled to come out tomorrow at 12:30 UTC.

Over the past 10 months, West Texas crude has retreated 38.77% from a noteworthy peak of $122.09.