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MENAFN- Daily Forex) Day traders hoping for calm waters to return to WTI Crude Oil are wishing for too much in the near-term.
The commodity went into this weekend near $98,70 as buying fueled the speculative landscape as Friday finished its business day. At this juncture, no one should be surprised buying has punctuated the final hours of WTI Crude Oil trading going into a weekend. Legitimate anxiety continues to shadow large players in WTI Crude Oil as they try to calculate what can go wrong over the weekends while the Iranian war drags on.
Supply concerns from the Middle East remain a key issue as the Strait of Hormuz remains a battlefront. Rhetoric from all corners also stirs emotions constantly. Tomorrow's opening in WTI Crude Oil may fit the pattern seen the past few Monday's.
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While the price of WTI Crude Oil remains under the $100 mark in a sustained manner, there have been robust amounts of volatility. The high for the commodity was experienced last Monday when the 101 vicinity was briefly challenged, and it is important to note the low for the week was attained only a few hours later when support near $84 was tested. A differential of nearly $17 in WTI Crude Oil is a very margin, something even large players are not accustomed with handling.
There have been plenty of rumors and news circulating in the past day and this will ruffle the emotions of trading tomorrow morning when WTI Crude Oil opens. It might be easy to point to technical and fundamental reasons why WTI Crude Oil is suffering dynamic price action, but emotions which equate into behavioral sentiment are ruling conditions. Short and near-term traders looking to take advantage of WTI Crude Oil momentum need to remain vigilant.$100 as Resistance and a Target
Depending on what happens over the next twenty hours or so before futures pricing in WTI Crude Oil opens, many different things can happen.
Traders should account for risks as much as they try to remain optimistic. The Iranian war has completed one month of fighting. As the fifth week of war starts it appears the U.S is preparing for a possible ground assault of some sort. Could this include military action on the island of Kharg in an attempt to take control of the Iranian supply of Crude Oil?
WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 87,00 to 113,00
The coming days will likely provide plenty of drama and day traders need to be prepared. If the Iranian island of Kharg is taken over it could cause a massive movement in WTI Crude Oil pricing. Looking for values to jump above $100 this week is not out of the question. But let's remember a sudden drop in prices also occurred last week, on Monday after the bolt upwards, thus a double edged sword lurks and it must be accepted by traders who insists on participating in the commodity this week. Inexperienced speculators who want to wager on WTI Crude Oil will need to use solid risk management and control their emotions.
Fast price changes will certainly be seen. If WTI Crude Oil runs higher, resistance levels may become elastic as large players consider developing possibilities. While it is natural to try and determine how a good outcome will take place and calm will return to the energy sector, that may be counting on a bit too much in the near-term. The U.S via the White House administration is not giving up its game plan. It appears that talks with Iran are taking place, but at the same time there is a lot of firepower situated in the Middle East that appears ready to escalate the war if called upon to do so. Price momentum and trying to ride the value waves will be crucial this week, the problem for everyone is trying to predict what will affect the tides.
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