On Friday, the WTI crude oil price pulled back from the session highs of about $73.15 to trade at about $71.57. The oil price trades within a descending channel formation on the 60-minute chart.
Light crude oil has now fallen to trade around the 100-hour moving average line. However, the 14-hour RSI has recently bounced back to avoid falling into the oversold levels of the 14-hour RSI.
WTI Crude Oil Fundamentals Overview
From a fundamental perspective, the light crude oil trades during a relatively busy period in the US market. On Thursday, the US initial jobless claims for last week came in better than expected, with 215k versus a forecast of 218k, down from the previous week’s claim count of 217k.
On the other hand, the continuing claims for the preceding four weeks increased to 1.814 million, up from 1.806 million. The US existing home sales for June missed the forecasted tally of 4.2 million, with a tally of 4.09 million, down from 4.19 million.
On Wednesday, the US consumer credit change for May also fell short of the forecasted change of $17.1 million, with a change of $-0.18 million, down from $20.73 million in April. The US wholesale inventories for May came in better than expected, with a change of 0.1% versus a forecast of 0.3%.
Earlier in the week, the US ISM Services PMI for June matched the expectation of 54, down from the preceding month’s equivalent of 54.5. On the other hand, the S&P Global Composite PMI for last month missed the expectation of 52.2, with a reading of 51.9, down from 52.2, while the Services PMI missed 51.4, with a reading of 51.2, down from 51.3.
WTI Crude Oil Technical Analysis (the 60-min Chart)
Technically, the light crude oil price trades within a descending channel formation on the 60-minute chart. The 14-hour RSI also supports a bearish bias as it edges closer to oversold conditions.
Therefore, the bears will look to stretch the current declines toward $69.03 or lower to $66.54. On the other hand, the bulls will look to pounce on profits at about $74.00 or higher at $76.26.
WTI Crude Oil Technical Analysis (the Daily Chart)
In the daily chart, the light crude oil price trades within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid falling into oversold conditions.
Therefore, the bulls will look to pounce on extended rebounds at about $81.41 or higher at $89.96. On the other hand, the bears will look to pounce on profits at about $62.30 or lower at $53.25.
Comments
Log in or sign up to join the conversation.