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Crude Oil Weekly Forecast -10/11: Emerging Clarity (Chart)
(MENAFN- Daily Forex) After challenging higher prices on Thursday near 73.000 USD, WTI Crude Oil started to selloff and by Friday's close the price of the commodity was near 70.610.
Day traders should not bet blindly and risk management is needed in WTI Crude Oil.
If 70.000 is broken lower and sustained, this will become quite interesting and where potential support is will become a wagering question Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 67.000 to 72.300Technical traders in WTI Crude Oil may not want to believe the election of Trump will effect the value of the commodity so abruptly, and perhaps they are correct short-term. However behavioral sentiment in the broad energy sector will definitely react to the proactive policy changes that will come from the U.S regarding drilling and exploration for more resources.The price of the commodity which it is already supplied well globally, will likely stay within a relatively known price range and resistance levels should be watched as a possible place to launch selling positions. Retail traders looking for price action lower should not get overly ambitious and be willing to cash out profits when price targets have been hit. The price of WTI Crude Oil will likely trade in a secure price band, but this week of trading may still look for proof of equilibrium as Trump's victory is digested.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 traders were given a strong dose of clarity last week when Donald Trump emerged as the U.S President-elect.
- Trump who is known for his strong U.S energy policies, likely means American producers will become more active if they choose, and certainly means the price of WTI Crude Oil will be effected due to changes of perception.
- The commodity did, however, rise to nearly 73.000 USD on Thursday, but after this push higher the price of WTI Crude Oil started to decline and going into the weekend values were close to 70.611.
Day traders should not bet blindly and risk management is needed in WTI Crude Oil.
If 70.000 is broken lower and sustained, this will become quite interesting and where potential support is will become a wagering question Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 67.000 to 72.300Technical traders in WTI Crude Oil may not want to believe the election of Trump will effect the value of the commodity so abruptly, and perhaps they are correct short-term. However behavioral sentiment in the broad energy sector will definitely react to the proactive policy changes that will come from the U.S regarding drilling and exploration for more resources.The price of the commodity which it is already supplied well globally, will likely stay within a relatively known price range and resistance levels should be watched as a possible place to launch selling positions. Retail traders looking for price action lower should not get overly ambitious and be willing to cash out profits when price targets have been hit. The price of WTI Crude Oil will likely trade in a secure price band, but this week of trading may still look for proof of equilibrium as Trump's victory is digested.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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