Crude Oil Weekly Forecast 21/09: Stronger Selling (Chart)

(MENAFN- Daily Forex)

• WTI Crude Oil went into the weekend below its starting point from last Monday. The commodity finished the week's trading near 62.100 while producing a downwards slope on Thursday and Friday.
• After starting last Monday near 62.150, WTI produced rather interesting speculative action and finished above 63.000. Then on Tuesday the commodity jumped above 64.000 and touched a marked momentarily over 64.400.
• After Tuesday's success higher, WTI Crude Oil began to run into strong resistance and downside pressure started to produce a test of support around 64.000 on Wednesday.
• A slight push higher on Thursday took WTI up to nearly 64.200 but then the wheels fell off of the bullish move. Within a couple of hours WTI Crude Oil was trading below 63.200.

Short-Term Support Levels Fail and Oil Slips Lower

Late Thursday and early Friday trading saw the 63.000 realm receive a lot of pressure, and then another deluge lower began with additional swift selling which lasted as WTI Crude Oil went into this weekend. The trading last week can be summarized as another technically efficient week for technical charts as the known realm for WTI Crude Oil essentially held but dangerous to bet on.

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This Thursday the U.S GDP numbers will be published. U.S economic data last week via the Federal Reserve may have had an impact on sentiment, but it is difficult to know for certain. The growth numbers this coming Thursday may play a speculative role in the minds of some large traders trying to judge the U.S economy, but trading in WTI Crude Oil leading up to GDP Thursday will remain challenging. Support levels around 62.000 USD have proven interesting the past month.62.000 USD as Important Support Near-Term

If WTI Crude Oil opens with sustained trading near its lows created late last week and which have been tested several times during the past month with deeper outliers, speculators may start to believe the 62.000 level is a target.

• The tide has been essentially held back when 62.000 has been tested the past handful of weeks, but price action below the mark has been seen.
• If Tuesday's and Wednesday's trading continues to keep the 62.000 level in sights, then it is possible a lackluster GDP number on Thursday could send WTI Crude Oil lower.
• A stronger U.S growth number may prove beneficial for the commodity.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 60.600 to 64.700

WTI Crude Oil has seen outliers below 62.000 and above 64.000 during the past handful of weeks, but price action has remained rather steadily within the known realm. Last week's early action is a sign buyers do have enough strength if bullish tendencies flourish to push WTI above 64.000, but clearly for the moment they lack enough power to hold the commodity above this mark. A strong GDP could alter that perception.

However the 62.000 level which has also seen a variety of tests over the past month, still is lingering technically and the notion that WTI Crude Oil is skating above the important psychological ratio may indicate some bearish traders believe lower prices could develop. Day traders in WTI Crude Oil are advised not to lock themselves into a stubborn viewpoint and try to pursue technical trends that are generated. If WTI Crude Oil finishes near or below 62.000 USD by this coming Friday it will suggest bearish sentiment still holds power in the commodity.

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