West Texas crude is growing its five-day winning streak by closing at $79.85, gaining $1.69.

A quick look at yesterday: WTI crude 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 is becoming overvalued. US crude oil is $1.37 away from testing key resistance at $81.22. Peaking above this level could inspire market bulls and open the path to further gains. In contrast, West Texas crude formed a session range of $75.83 to $79.9 leaving buyers and sellers highly concentrated around an active 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 US crude oil's price coincides with other Energy as Natural Gas went up by 9.08% yesterday, and closed at $3. Brent Crude Oil is trading around $86 after ending yesterday's session at $84.75 (up 1.47% today). Heating Oil goes up 1.34% yesterday and closed at $2.87.

West Texas crude reached a significant high of $124.77 around 11 months ago but has lost 37.36% since then.