WTI crude moves up to $68.83 after a 7 day downtrend

While WTI crude oil in the midst of a 7 day downtrend, 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 $68.35, WTI crude oil is up to $68.83 per barrel, which makes for a move of 0.7%/48 cents today.

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 $71.77, WTI crude oil could be headed for a downward correction. In contrast, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In WTI 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 West Texas crude is likely to reverse course and start pointing down in the short term.

Rallies can also be seen in other Energy, Heating Oil gained 3.02% and is currently trading at $2.72.

At the same time, Natural Gas closed at $2.43 (down 3.34%).

WTI crude reached a significant high of $122.09 around 9 months ago but has lost 44.02% since then.