On Friday, the WTI crude oil price bounced back from the session lows of about $88.23 to trade at about $91.13 after the latest US data. The oil price trades within a slightly descending channel formation on the 60-minute chart.
The light crude oil price continues to trade slightly below the 100-hour moving average line, despite the rebound. As a result, it still has plenty of room left to run before reaching the overbought levels of the 14-hour RSI.
WTI Crude Oil Price Fundamentals Overview
From a fundamental perspective, the light crude oil price trades during a relatively busy period in the US market. On Friday, the US jobs data for September fell to 29k, down from August’srevised figure of 133k, missing the forecast of 90k. The unemployment rate also came in higher than expected, at 4.2% versus a forecast of 4.1%, up from the previous month’s equivalent of 4.0%.
On the other hand, the average hourly wage growth for the period missed the expected (MoM) and (YoY) changes of 0.3% and 3.3%, respectively, with changes of 0.1% and 3%. On Thursday, the US initial jobless claims for last week came in better than expected at 197k versus a forecast of 200k, down from the preceding week’s claim count of 198k. On the other hand, the Chicago Purchasing Managers’ Index for September beat the forecast of 51.2, with a reading of 58.8 on Wednesday.
In the latest US crude inventories, the API weekly crude oil stock for last week fell to 1.019 million, down from the previous week’s equivalent of 1.786 million. On the other hand, the EIA crude oil stocks change for last week fell to 0.922 million, down from the preceding week’s 2.969 million, missing the forecast change of -0.3 million.
WTI Crude Oil Technical Analysis (the 60-min Chart)
Technically, the WTI crude oil price trades within a gently descending channel formation on the 60-minute chart. However, the 14-hour RSI has recently bounced back to avoid falling into oversold conditions.
Therefore, the bears will look to pounce on extended rebounds at about $93.59 and $96.46. On the other hand, the bears will look to pounce on profits at about $88.23 or lower, down to $85.19.
WTI Crude Oil Technical Analysis (the Daily Chart)
In the daily chart, the light crude oil price trades within an ascending channel formation. However, the 14-day RSI has recently pulled back to avoid rallying into overbought conditions.
Therefore, the bears will look to stretch the current pullback towards $79.63 or lower, down to $65.64. On the other hand, the bulls will look to pounce on rebounds at about $102.86 or higher, up to $115.59.