Yesterday's upbeat market sentiment sees WTI crude gain 1.41%

Yesterday at a glance: hesitant but grinding higher: WTI crude closed at $76.45 per barrel after ranging between $74.09 and $76.63.

Meanwhile, United States New Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 670,000, while the previous figure was 625,000. United States Core PCE Price Index (MoM) (Jan) came out at 0.6, while a consensus of analysts was expecting 0.4. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -222,300, while the previous figure was -209,000.

Crude Oil made an initial breakout above its 5 day Simple Moving Average at $76, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $76.19 currently serving as resistance. If broken, the next Fib hurdle is expected to be $77.23. WTI crude oil's lower Bollinger Band® is at $73.44, indicating that the market is oversold and fertile for new buyers. In contrast, US crude oil could be slowing down soon as it approaches resistance at $77.36. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems WTI crude oil might continue pointing upwards in the short term.

Rallies can also be seen in other Energy, notably, Heating Oil rose 3.27% yesterday and closed at $2.71. Natural Gas leaps up 6.37% yesterday and closed at $2.43. Brent Crude Oil went up by 1.17% yesterday, and closed at $83.17.

West Texas crude is now trading 39.58% below the significant high of $124.77 it set around 11 months ago.