WTI crude oil dull so far today at $74.73, while in the midst of a bearish run

While on a 14 day downtrend Today is looking a bit better: a mostly flat day so far for US crude oil, ranging between $74.71 and $74.92; currently at $74.73 per barrel.

Uncertainty around WTI crude is reflected by published market data as Pending Home Sales in United States fell short of market expectations (0.5%) with a reading of -5.2%, continuing the decline from the previous figure of 0.8%. Following a previous reading of 2.6, GDP in United States released yesterday at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1. Data for United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 230,000, beating projections of 248,000 and showing improvement over the preceding figure of 246,000.

As the trading day commences, technical analysis suggests Crude Oil is approaching key support, around 60 cents away from $74.13. 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. Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to asset volatility analysis, WTI crude oil's upper Bollinger Band® is at $84.66 and the lower is $74.05.

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

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) will be released today at 12:30 UTC.

West Texas crude reached a significant high of $122.09 around 10 months ago but has lost 38.77% since then.