Crude Oil Weekly Forecast - 26/04: New Tension (Chart)

(MENAFN- Daily Forex) The past five days of trading in WTI Crude Oil equated into a rumble upwards that progressed as sentiment shifted back into the anxious corner.

The Hormuz Strait remains a huge talking point regarding the flow of energy. Supply of Crude Oil products are starting to become rather troublesome for more than a handful of nations and industries. This coming week appears as if it will be another filled with rhetoric and saber rattling between the U.S White House and Iran.

WTI Crude Oil went into this weekend near $93.115, this after finishing the previous week below $84.000. The difference in price is a clear example that optimism which developed more than a week and a half ago, has now turned into cautious attitudes once more. Going into this weekend within sight of higher realms will not allow large players in the commodity to rest, and day traders trying to ride momentum should brace for an additional set of potential reversals and outright price velocity.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money President Trump's Oil Strategy in Iran

There is clear evidence that the White House policy regarding the Iranian war is to try and keep economic pressure on Iran heightened. This means the Trump administration is trying to cut off cash via Iran's export market for Crude Oil. The Hormuz Strait therefore remains a focal point, if conditions are made difficult for nations to purchase and receive Iranian Crude Oil, this will certainly be detrimental for Iran.

As of this weekend it appears the U.S White House has decided not to negotiate as had been planned in Pakistan – keeping their team reportedly grounded in Washington. Monday's early trading will likely reflect the information that the U.S and Iran appear to be at a standstill and are playing a game of he said/ she said. Highs seen last week and price action around $96.000 looks as if resistance is durable psychologically around that juncture, but further loud noises could make this value vulnerable with more escalations of threats and particularly military actions Directions as WTI Crude Oil Trades

The ability to trade WTI Crude Oil opens a door for potentially solid outcomes because price momentum has proven to be fast and is likely to flourish again. The problem is choosing the correct direction that WTI Crude Oil will move.

Big gaps have been seen in early trading on Monday mornings the past handful of weeks. The Iranian war will have completed two full months early this coming week. Day traders need to remains cautious. News the past few days has not looked encouraging regarding a sudden potential agreement between the U.S and Iran. If this week remains noisy regarding rhetoric this may create rather strong support for traders to use as a place to look for upside reversals. The $91.000 mark below since the middle of this past Wednesday has looked rather strong.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 84.000 to 105.000

WTI Crude Oil will remain rather dangerous to wager on this coming week. While looking for potential selloffs to look for reversal pivots higher is certainly a tactic, the question is what will happen on early Monday morning. Large volumes and volatility will likely be seen early because big players in the Crude Oil markets are reacting to news developments and their near-term outlooks are anxious.

The past two months of trading in WTI Crude Oil has produced a casino like landscape for speculators and it appears more of the same will be delivered this coming week. Perceptions are important regarding WTI Crude Oil, but sentiment shifts have been and are likely to remain fast and this will cause fast price velocity in the commodity, and day traders need to remain alert.

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