WTI crude oil ended the session at $69.2, continuing its bearish run

Over the last 7 days, WTI crude has fallen 14.23%. More of the same from Friday's session: West Texas crude ended Friday at $69.2 per barrel following from closing Thursday at $69.96. Overall, this represents a loss of 76 cents or 1.09%.

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. West Texas crude has just crossed the lower Bollinger Band® at $71.91, indicating further losses could be forthcoming. On the other hand, note that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In WTI crude's case, the RSI has fallen below 30, indicating the asset is oversold.

Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting West Texas crude to extend its recent losses.

Positive performances can be seen by looking at other Energy markets as Heating Oil added 0.91% and closed around $2.68 Friday. Natural Gas climbs 1.25% Friday and closed at $2.15.