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July 02, 2023Friday at a glance: WTI crude went up to $70.45 per barrel Friday, gaining 0.84%.
Crude Oil made an initial breakout above its 50 day Simple Moving Average at $71, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $69.53 to $71.04, Fibonacci-inclined WTI crude oil traders were highly concentrated around active Fibonacci resistance at $69.82. In contrast, WTI crude oil's upper Bollinger Band® is at $72.48, this is a slight indication of a slowdown. Although WTI crude is appreciating today after rising as high as $71.04, price action is now slowing and consolidating around 78 cents below the $71.23 resistance level.
Overall, looking at the technical analysis landscape, it seems West Texas crude likely to continue pointing upward in the short term.
This rally in West Texas crude's price coincides with other Energy as Heating Oil improves 1.4% Friday and closed at $2.41. Natural Gas added 2.7% and closed around $2.7 Friday. Notably, Brent Crude Oil rose 0.75% Friday and closed at $74.34.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Jun) is scheduled for tomorrow at 14:00 UTC.
WTI crude has recovered 3.88% since descending to a significant low of $67.25 around 20 days ago.
