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Crude Oil Weekly Forecast -03/11: Market Uncertainty (Chart)
(MENAFN- Daily Forex) WTI Crude Oil finished below the 70.000 USD per barrel price as the weekend approached, setting up a challenging week ahead for traders as fundamentals and behavioral sentiment are certain to collide.
The sudden jump in price may have been sparked by an increase in nervousness, but Friday's reversal lower and close to within sight of Thursday's starting point for the sudden move higher may be more intriguing technically.
Day traders involved in speculative bets in WTI Crude Oil may have to deal with bouts of rapid value changes tomorrow and Tuesday as positions are taken before the new U.S President is known early on Wednesday morning Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 66.100 to 72.500Speculators who believe WTI Crude Oil will not be affected by the U.S voting outcome should reconsider their near-term risk assessment. While the resource may not jump wildly higher or sell off badly based on the outcome of the vote, quick choppiness in WTI Crude Oil should certainly be expected. Large players in the commodity know that U.S energy policy will be affected by the outcome of the vote.Having traversed lower last week, WTI Crude Oil showed the ability to explore depths and test support levels which may be viewed as vulnerable. Trading early this week will likely explore a choppy range which tests known price levels, but upon a winner being announced in the U.S the commodity may find itself demonstrating fast prices that reflect large traders views about the new President's potential effects on U.S energy supply and origin long-term.Ready to trade our
Crude Oil weekly forecast ? We've shortlisted
the best Forex Oil trading brokers
in the industry for you.
- WTI Crude Oil closed around 69.605 going into the weekend.
- The week's high for the commodity was seen on early Friday when the price approached 71.750 before running into downside pressures.
- However, WTI Crude Oil did finish comfortably above its low for the week which was seen on Tuesday when the resource sunk to the 67.100 vicinity.
The sudden jump in price may have been sparked by an increase in nervousness, but Friday's reversal lower and close to within sight of Thursday's starting point for the sudden move higher may be more intriguing technically.
Day traders involved in speculative bets in WTI Crude Oil may have to deal with bouts of rapid value changes tomorrow and Tuesday as positions are taken before the new U.S President is known early on Wednesday morning Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 66.100 to 72.500Speculators who believe WTI Crude Oil will not be affected by the U.S voting outcome should reconsider their near-term risk assessment. While the resource may not jump wildly higher or sell off badly based on the outcome of the vote, quick choppiness in WTI Crude Oil should certainly be expected. Large players in the commodity know that U.S energy policy will be affected by the outcome of the vote.Having traversed lower last week, WTI Crude Oil showed the ability to explore depths and test support levels which may be viewed as vulnerable. Trading early this week will likely explore a choppy range which tests known price levels, but upon a winner being announced in the U.S the commodity may find itself demonstrating fast prices that reflect large traders views about the new President's potential effects on U.S energy supply and origin long-term.Ready to trade our
Crude Oil weekly forecast ? We've shortlisted
the best Forex Oil trading brokers
in the industry for you.

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