Crude Oil Weekly Forecast - 30/06: WTI Edges Higher (Chart)

(MENAFN- Daily Forex) WTI Crude Oil finished last week's trading within sight of near-term highs made on early Friday, this as the commodity shows signs of a simmering incremental push upwards.

• After touching a high of nearly 82.700 early on Friday, WTI Crude Oil did reverse lower and went into this weekend near the 81.440 price.
• The commodity essentially closed near values it tested from Monday until Thursday of last week.
• The close on Friday technically left WTI Crude Oil near an inflection ratio that seems to be important for the commodity as speculators have managed to maintain the higher elements of its price realm.

The highs touched on Friday of last week challenged price levels last seen in late April. The highs in the first week of April until the middle of that month did see apex prices achieved near the 87.500 mark. However, resistance this past week appeared ready to push back far below those apex values of April and kept WTI Crude Oil price within a known and rather polite price range. While the commodity appears to be in the higher part of its one month technical chart, WTI Crude Oil is safely tucked into the middle of its price range when a three month chart is inspected Crude Oil and a Week of Holiday Trading

Independence Day in the U.S will be celebrated this coming Thursday, which means trading in WTI Crude Oil will begin to diminish significantly on Wednesday as traders disappear for a long holiday weekend. This means WTI Crude Oil could see impactful trading early this week. Traders should watch the opening of the commodity this Monday to see if the comfortable price range remains in effect. If polite prices are seen without a great deal of volatility, speculators may be able to comfortably trade into Tuesday.

However with volumes certainly about to become lighter on Wednesday, there is a possibility WTI Crude Oil could grow dangerous if large players take positions to guard against a long weekend where activity in the commodity will become very quiet. The higher price range of Crude Oil via its one month chart, and ability to touch an important high on Friday before going into this weekend may be a sign bullish traders' feel there is further room to explore upwards.

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Early WTI Crude Oil Trading on Monday and into Tuesday

Last Friday's highs should be a caution sign, but if trading remains within a known price range and resistance remains stern around the 81.550 to 81.650 marks, this may indicate large players may not have much room left in the gas tank to push the commodity higher. However, this may also be wishful thinking, because the incremental climb in WTI Crude Oil is within eyesight of mid-term price levels and this may be a sign speculators remain bullish.

• The light volumes which will certainly develop on Wednesday as the long holiday weekend develops cannot be discounted.
• Day traders may believe the quiet markets are a safe place to wager, but they have to remember sudden volatility with unbalanced orders late on Tuesday and into Wednesday could prove fatal.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 80.300 to 83.200

While economic data from North America, Europe and Asia continues to look lackluster. The major industrial nations still need WTI Crude Oil. The price of the commodity has seen a bullish trend emerge since the first week of June which doesn't appear to have run out of power quite yet. While the highs on Friday of last week did see selling action, the ability to climb above 82.000 USD comfortably is a sign additional highs can be achieved.

Due to the lighter than normal trading which will be seen later this week, tomorrow and Tuesday should be given attention regarding behavioral sentiment regarding large institutional players. If WTI Crude Oil remains near the 81.300 to 81.500 price levels early this week and doesn't show any real ability to create bearish price action, this may mean lingering bullish capabilities are still lurking.

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