Crude Oil Weekly Forecast 24/08: Trade Impetus Heard (Chart)

(MENAFN- Daily Forex)

• The price of WTI Crude Oil remains relatively low. However, the ability to hit depths early last week near the 61.430 ratio and climb higher should be noted.
• No, WTI Crude Oil has not seen an unstoppable bullish trend suddenly emerge, but there were some tidbits of information that helped the commodity likely gain towards the end of the week. WTI Crude Oil went into this weekend near the 63.470 mark.
• Better than expected manufacturing readings from the U.S on Thursday sparked some optimism within large players in global assets who are always looking for bullish ammunition.
• Yes, weekly unemployment numbers from the States came in slightly negative, but it is possible better manufacturing sentiment could lead to more purchases of WTI Crude Oil based on outlook.

Mid-Week Trend Moves Higher

WTI Crude Oil was trading near 62.000 on Wednesday when some stronger buying action began to emerge, by Thursday a high of nearly 63.600 was being seen. This happened in combination of the better manufacturing report and news starting to come from the Fed's Jackson Hole Symposium which admitted the Federal Funds Rate would be cut in September. Thursday's price action turned choppy after its highs were seen.

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However, Friday price action in WTI Crude Oil continued to see some buying come into the marketplace and a high of nearly 63.820 was seen later in the day. Yet, as the markets started closing some profit taking started to be seen leading to the 63.465 value being seen in the futures market pricing as WTI Crude Oil awaits to begin trading tomorrow. While the highs were certainly not over 64.000 USD, the ability of WTI Crude Oil to respond to lows and incrementally build value, and then show positive action based on U.S economic data and Fed outlook may warm the hearts of speculators who think the commodity is in oversold territory Weekend Values and Prices to Come this Week

The closing values of WTI going into the weekend will not launch parades upwards, but does solidify the notion that equilibrium and lows may be known. Speculators may have reasons to look for slightly higher terrain in WTI Crude Oil, but they should certainly not bet blindly. The 64.000 level still looks like a step too far for day traders to dream about for quick hitting endeavors.

• The last time WTI Crude Oil was above 64.000 USD was at the end of the first week in August.
• Yes, Crude Oil may have much higher it can go compared to this past week's closing price, but production and supply remain strong.
• The question is if demand will increase globally, but it should be pointed out that Germany posted lackluster economic numbers again this past week.
• Is demand going to increase surprisingly, the answer is probably not.
• Traders should be ready for more choppiness within WTI Crude Oil this week.
• GDP numbers will come from the U.S on Thursday and this could play into sentiment and cause some momentary volatility.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 61.40 to 65.20

The development of higher prices in Crude Oil after challenging the 61.500 ratio is intriguing. This perhaps shows where support levels are for the commodity. However, this is nearly two dollars below the current price. Day traders cannot afford to ride WTI Crude Oil two dollars lower. Sentiment the end of last week seemed to help spur buying based on economic news, will this happen again?

Growth numbers from the U.S might cause some speculation before and after the GDP numbers are printed on Thursday. The range of WTI Crude Oil remains within its lower boundaries and it is likely traders should prepare for choppiness. If a move occurs above the 64.000 level in the futures market before Thursday, this should be considered speculative and treated with suspicion until the GDP numbers are seen and reacted upon.

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