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April 09, 2023While WTI crude is on a 7 day uptrend Thursday's session put the brakes on the ongoing uptrend — US crude oil recovered back to $80.46 per barrel after dipping down to $79.65, in a session that followed Wednesday's $80.7 close value.
Crude Oil made an initial break below its 5 day Simple Moving Average at $79.74, a possible indication of a forthcoming negative trend. WTI crude oil's upper Bollinger Band® is at $82.61, suggesting that a downward move may follow. On the other hand, note that West Texas crude is approaching key support, around 71 cents away from $79.75. 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.
Despite the market lacking direction, technical chart analysis strongly suggests WTI crude oil is positioned for a downward move in the near term.
While West Texas crude was pretty flat Thursday, mixed performances were seen elsewhere as Natural Gas moves 1.19% Thursday and closed at $2.
Approximately 10 months ago, WTI crude oil reached a significant high of $122.09 but has struggled to hold onto its gains and declined 33.9% since then.
