(MENAFN- Daily Forex)

• The price of WTI Crude Oil future values did produce a rather attractive range the past week. Trading began on Tuesday following the long Memorial Day holiday around the 61.10000 vicinity.
• Friday's close near 60.085 is nearly one USD lower, but the high for the commodity did touch the 62.800 vicinity on early Thursday. The price range of WTI Crude Oil was not violent, and it did trade within known realms making it an intriguing pursuit for speculators.
• The price of WTI Crude Oil is traversing a value it traded on the 4^th of April. Since this date the value of WTI has essentially tested a consistent range of 56.500 to 63.500 with outliers. Speculators may actually feel comfortable trading WTI Crude Oil and they may have a right to do so.
• Yes, volatility can certainly still occur, but the known values of the commodity and belief that supply is going to remain stable and secure is helping create a testing ground that can be wagered on technically.

Ability to Climb Higher and Resistance Levels in WTI

Technical traders who have no knowledge of fundamentals in WTI Crude Oil may feel quite calm about the rather consistent support and resistance levels generated the past two months. Large players in WTI Crude Oil certainly seem as if they have accepted the lower price realms of the commodity too. A look at a six month chart shows that the commodity is traversing a rather steady lower range. WTI Crude Oil has shown an ability the past couple of months to sustain prices not seen steadily since March of 2021.

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A longer term perspective regarding the current value of WTI Crude Oil is important now. It should also be remembered that before coronavirus impacted global market values in 2020, that WTI Crude Oil was rather consistently within a price range it is now during 2019. President's proactive stance on oil production is certainly not going to change, meaning resistance levels higher should remain durable Speculation and U.S Economy

U.S growth numbers this past Thursday came in a bit weaker than expected. Friday's inflation data met expectations. Global outlook for economic growth remains under a shadow as nations deal with the potential of tariffs.

• However, in the midst of the noise being created by the Trump White House, data continues to show it is rather steady and financial institutions and companies may be more calm than they were a couple of months ago.
• This may allow for a more positive viewpoint about global outlook regarding growth.
• This could provide adequate support levels for WTI Crude Oil, meaning near-term demand may remain steady too and create an opportunity to continue testing the known range.
• Technical traders may feel they have an advantage in WTI and they may be correct.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 59.200 to 62.700

Tomorrow's opening in WTI Crude Oil will be of interest to see if the 60.000 is challenged and lower momentum is seen. The price range of WTI between 59.000 and 61.000 may remain a focus. But it also should be pointed out and perhaps importantly for technical consideration that 60.000 USD has proven rather durable since the 9^th of May.

Some traders may look at prices below 60.000 as buying opportunities, but they should certainly practice solid risk management because late April and early May prices did challenge lower realms. Sentiment among larger players remains a cornerstone in the WTI Crude Oil market, for the moment vast supply is a reality, the question is whether bursts of sudden stronger demand will cause enough momentum to test resistance levels too.

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