Crude Oil Weekly Forecast - 10/05: Nervous Sentiment (Chart)

(MENAFN- Daily Forex) Speculators in WTI Crude Oil will continue to face a gauntlet of value tests via the WTI Crude Oil market in the coming days.

The price of the commodity in the futures market correlated with the cash trading via price percentage changes, going into this weekend futures values were around $91.480. The Iran war remains the focal point for most traders and this is not going to change tomorrow and the remainder of the coming week.

WTI Crude Oil is being moved by swirling winds which combine an optimistic faith, against nervous sentiment and prices remain vibrant, while velocity is certainly being displayed regarding intraday moves regarding sudden reversals. Day traders who choose to be active have hopefully gained a semblance of experience with the constant dynamic flows of emotions which are causing the fluctuations in the WTI Crude Oil market.

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Lows seen on Wednesday of this past week when the $87.000 ratio was challenged were almost hit again on Thursday. In between that trading prices tested a range mostly between 91.000 and $93.000, and going into the weekend WTI clearly showed an ability to remain within this realm. Depending on perspectives, a trader could interpret the ability to finish within sight of the $91.00 level as a victory for bearish momentum. The price of WTI Crude Oil starting last week was around $98.000, this before going to nervous highs later on Monday and into Tuesday above $100.00.

WTI Crude Oil is definitely trading within the higher realms of its long-term values, the Iran war has been going on for 2 and a half months. The price of the commodity remains elevated but has also shown signs that it can go lower in a hurry.

Thursday's near retest of lower marks is interesting and depending on whether news flow can remain somewhat quiet for the next handful of hours before WTI Crude Oil opens again on the futures markets, perhaps another run downwards will be wagered on by larger players early tomorrow Monday Momentum and Standing on the Side

Day traders who do not have open positions as Monday's WTI Crude Oil trading begins should pay attention to early conditions. Monday's opening will provide another test of existing emotions.

WTI Crude Oil has been watched by global investors and traders who are using the price as a barometer of potential storms and possible tranquility. Going into the weekend near $91.480 shows an improving level of optimistic outlook, but the threats of sudden rhetoric from Iran and the U.S. White House turning into escalated military action does exist. And this is where things for WTI speculators could once again grow not only choppy but volatile and fast, if and when the Iran war turns demonstratively violent. But will that happen? President Trump continues to make a whirlwind of speeches regarding Iran, and at this point many traders are confused about outlook.

WTI Crude Oil Weekly Outlook:Speculative price range for WTI Crude Oil is 84.000 to 104.000

WTI Crude Oil remains must watch television for traders and market analysts. The price of the commodity has been within a higher price realm, but considering that the Iran war has been going on for nearly 2 and half months, things may be calming down in the minds of large players. The test of lower values this past Wednesday may look enticing to day traders who have an optimistic approach to their perception regarding quiet days being seen this coming week and additional lows being tested.

Other speculators may believe noise will grow again and the price of WTI Crude Oil will continue to flirt higher and test the 100.00 USD level. To a certain degree it can be said a range between $84.000 to 104.000 has been rather persistent in WTI Crude Oil since the start of the war and this may be a good window regarding potential low and higher watermarks for this coming week. Risks in WTI Crude Oil have not gone away and traders need to treat the market carefully.

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