- WTI Crude Oil did hit a high for the week’s trading on Friday when the 66.410 vicinity was challenged momentarily, this after the commodity had touched the 64.600 ratios below on Wednesday after solid incremental selling had been seen since Monday.
- The 65.000 ratio became vulnerable on Tuesday and sustained trading below, building enough power to hit intriguing depths mid-week.
- A rise in value of WTI Crude Oil was demonstrated after Wednesday’s lows which essentially tested support levels displayed since the first week of July.
- The ability to move higher with rather volatile reversals being seen into Friday touched prices seen the week before, but stayed well below apex highs seen in July which touched the 68.300 area.
- And then once again this past Friday, WTI Crude Oil began to selloff quickly resuming a test of support.
Support Levels and Weekend Considerations for WTI Crude Oil
Now that WTI Crude Oil sits near 64.640 and is very close to technical support levels seen the past few weeks, questions will certainly be considered by some traders. The volatile dance of WTI Crude Oil seen the past handful of days is now resting upon values essentially seen on the 3rd, 7th, 16th and 23rd of July, and in practically all those cases the commodity jumped higher.
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Those technical considerations doesn’t mean that support will hold when trading in WTI Crude Oil starts tomorrow. Day traders are offered no guarantees that large players will do as they have done the past few weeks and launch the commodity towards the 65.000 price range again. WTI Crude Oil did trade below its current threshold from the first week of April until the first week of June. Fundamentally production and supply of WTI Crude Oil remains consistently good.
Lower Price Realm and Potential of Greater Depths
There are a couple of interesting risks approaching financial markets this week. The U.S Federal Reserve’s interest rate policy will be released this coming Wednesday. On Friday the White House will sound the tariff alarm bells once again too. These events will affect behavioral sentiment in WTI Crude Oil, perhaps not a lot, but perhaps enough to make a difference in the near-term price.
- As WTI Crude Oil traverses near technical support levels seen the past few weeks, a potentially volatile mix awaits speculators.
- Is the U.S economy getting significantly stronger?
- Will the Fed still say it is uncertain about the risks from inflation?
- Will President Trump be able to produce bona fide results via his tariff escapades?
- Can WTI Crude Oil penetrate 64.600 and see sustained selling which can take the commodity below 64.200 and beyond to lower depths?
WTI Crude Oil Weekly Outlook:
Speculative price range for WTI Crude Oil is 63.500 to 66.850
WTI Crude Oil has found its lower price realm seen via three month technical charts once again. Will the commodity be able to sustain the lower depths or will support levels being tested ignite another reversal upwards? Day traders experienced a rather volatile dance last week and intriguingly the price of WTI Crude Oil although showing a rush upwards on early Friday was not able to sustain much consistency above the 66.150 mark.
After trading 66.000 USD rather well the past weeks and challenging the 67.000 ratio regularly, WTI Crude Oil failed to accomplish this price level this past week. Speculators may suspect that behavioral sentiment has shifted again, perhaps risk appetite in U.S equities is translating into another period in which lower prices will be seen in WTI Crude Oil. But perhaps this is a wrong correlation, except to say sentiment in the broad markets is producing changes in the mid-term outlooks of large players. However, risk events do pose threats this coming week. Day traders should be ready and have their risk management working if they want to pursue WTI Crude Oil near-term because challenges are ahead.
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