WTI Forex Forecast 12/04

(MENAFN- Daily Forex) Spikes upwards and downwards have been part of the WTI Crude Oil market for over a month, tomorrow's trading will continue this show. Having closed above the 90.000 USD level going into the weekend, it will depend on the perspective of the individual trader if that is a victory or not. The price of the commodity remains high. However, taking into consideration the entire circus of events that have unfolded because of the Iranian war the past month, perhaps the 90.000 USD level is a win somehow.

However, conditions will be ready to be tested fast and early on Monday. All over the world large traders have been watching the negotiations with Iran and the U.S this weekend. The results have not been good for those wishing on tranquility. No agreement was reached as of last night. And Vice-President Vance is headed back to the U.S with no deal. Which means the fragile ceasefire that has existed between the U.S and Iran may be set to turn into more military conflict sooner rather than later. And that is what WTI Crude Oil traders will be thinking about as the marketplace opens on Monday Above $100.00 and Lows Close to $85.00

Last week's trading was certainly influenced by one thing: short-term sentiment. The price of WTI Crude Oil opened above 100.000 USD early last week and then plummeted lower upon news that a ceasefire had been negotiated. At one point on Tuesday the 85.000 USD mark came into sight. However, this brief interlude of serenity lower soon turned back into more cautiousness and the price of WTI Crude Oil began to rise again.

Going into this weekend slightly above the 90.000 USD mark shows large players remained cautious. Now the question is what and how reactions will stir, this after news from the Middle East and the White House becomes louder over the coming hours and is perceived in the mindsets of the movers and shakers of the Crude Oil market Shifts in Near-Term Sentiment

It may sound too simple to proclaim WTI Crude Oil will be fast and dangerous this coming week.

However, if a trader is looking to participate in the marketplace, and if the person is not using risk management – then it can be said the person is not being cautious enough. Because spikes upwards this week (early) are going to be bet on by many folks, the question is how will the marketplace react after the initial wave of caution hits WTI Crude Oil on Monday morning? Will lower prices quickly emerge after an initial showing of fear? Or will price stay high and become a playground of speculation over the 100.000 level?

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WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 88.000 to 115.000

The WTI Crude Oil market will have the attention of global investors this week. Inflation concerns are being spoken about widely as prices of gasoline have begun to be felt by consumers. Manufacturing and agricultural costs must be watched. Influence on the sentiment in the WTI Crude Oil market may prove to be extreme in the coming days, particularly as the Iranian war starts to make more noise.

Traders who have price targets should be very careful and make sure they are not putting orders into the market that do not match current conditions. Volatility and velocity of prices will prove dangerous for all in the coming days. If prices are sustained over 100.000 USD it will not be a surprise. If prices are sustained near 90.000 USD or lower this coming week, that would be a bigger shock perhaps.

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