Crude Oil Weekly Forecast - 24/06: Bullish Streak (Chart)

(MENAFN- Daily Forex) WTI Crude Oil has continued its climb higher and went into this weekend near the 80.520 price, the commodity has seen an upwards trajectory since the 4th of June.

  • Buyers remained rather strong in WTI Crude Oil last week and a high of 81.750 was seen on Friday, this before a reversal lower had the commodity go into the weekend at 80.520 USD.
  • However, the trend higher in WTI Crude Oil has been clear since the first week of June when a low around 72.400 was challenged.

WTI Crude Oil is now within the highest elements of its one month chart. Yet when a three month chart perspective is glanced via technical prices, the commodity is within the middle of its price range. WTI Crue Oil traded near the 87.640 price around the 5th of April. The upwards trajectory of WTI Crude did see some selling going into the weekend, which may give short-term bullish traders some cautious sentiment. The higher price of the commodity in early April seems rather distant still as a goal for traders Crude Oil and Developing News Impetus

Although the price of WTI Crude Oil has climbed since the first week of June, the commodity has not seen a violent buying surge. The momentum higher in the commodity has been done in a polite incremental manner; this may indicate that buyers are simply purchasing WTI Crude Oil because their clients are asking for more supply. The lack of price velocity higher may suggest that additional upwards value will still be found.

Also moves lower in WTI Crude Oil have not been particularly fast when reversals have taken place. Although the selloff going into this weekend could be considered strong, the ability to finish above the 80.000 USD mark may be significant. The last time WTI Crude Oil has seen sustained trading above the 80.000 ratio was in the last week of April and first week of May.
It is also unlikely that higher prices have been triggered by nervousness regarding the Middle East; it appears on the surface that buying is being done because there has been greater demand the past few weeks.

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Speculative Highs and Resistance Levels Above

As the price of WTI Crude Oil went above the 81.000 level on Thursday and Friday of last week, commodity was not able to step above the 82.000 apex. The last time this level was traded happened on the 30th of April, and it occurred when the commodity was selling off and settled around the 79.100 level on the 1st of May.
  • Monday's opening in WTI should be watched for behavioral sentiment because of the selloff that happened as the commodity closed on Friday.
  • If the 80.000 price holds on Monday, this could be a signal additional buying momentum may be left within WTI Crude Oil.
  • The price range of WTI will be intriguing the first two days of trading this week as the price of the commodity tests its higher near-term range.
WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 78.100 to 83.100

The buying of WTI Crude Oil the past few weeks has taken on a bullish trend that is noticeable, but the move higher may start to run into resistance and perhaps Friday's price action is a sign of things to come. The inability of WTI Crude Oil to climb above the 82.000 level Thursday and Friday shows buyers could be running out of power. However, if the 82.000 mark is suddenly punctured higher and if it happens without a sudden surge, this could mean buyers remain in control and higher levels could be seen which have not been tested since late April.

Speculators who believe WTI Crude Oil has now been overbought due to global economic considerations regarding weaker outlooks should be careful. The trend higher the past few weeks is a warning sign that institutional traders are looking towards the mid and long-term regarding supply and demand. If WTI Crude Oil were to test the 79.000 to 78.000 range early this week, technically short-term speculators may want to look for reversals higher. The test of what has developed into a higher price range for the commodity should be treated cautiously in the days ahead.

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