WTI Crude Oil Weekly Forecast: Additional Steps Higher In Strong Price Range

  • WTI Crude Oil enjoyed a solid week of gains and continued to show buyers are active in the commodity.
  • Since touching a low of nearly 72.350 on the 4th of June, WTI Crude Oil has produced incremental steps upwards.
  • The commodity went into this weekend near the 78.440 price, and a high was achieved this past Wednesday when the 79.300 value was hit. And this is a speculative signal.

WTI Crude Oil Weekly Forecast 16/6 Strong Price (graph)

Yes, WTI Crude Oil went into the weekend having achieved gains, but after hitting the near-term high water mark on Wednesday the commodity actually then traded within a tight price range testing support and also producing reversals higher. WTI Crude Oil has re-established a known range which it has tested quite steadily from a technical perspective since the 1st of May.

 

The Noise of Pundits and Non-Traders in WTI Crude Oil

An inspection of news headlines covering the WTI Crude Oil market claimed that demand was escalating and was a factor in the price of the commodity. While demand is always a factor in WTI Crude Oil, the question must be asked if buyers had suddenly grown worried about a lack of supply. And the answer is no.

Essentially WTI Crude Oil remains in a well-practiced price range and its inability to sustain prices above the 79.000 level in the middle of the week shows trading is acting in a known manner. The price range between 77.000 and 79.000 should be monitored in the coming days. Unless WTI Crude Oil suddenly jumps above the 80.000 mark and begins to challenge the 81.000 realms with price velocity and signs of not looking back, it is highly likely speculative traders will be able to wager on support and resistance levels which have been seen for the past month and a half.

 

Breaking Resistance and the Move Higher Last Week

When the price of 76.000 was broken on last Monday and sustained, price velocity upwards hit a high of 78.200 later in the day. But before technical traders believe that is a sign that a sustained bullish run is going to suddenly dominate trading, it should be remembered a strong move upwards also occurred on Thursday the 6th of June, this when the 75.000 price was demonstrated, returning the commodity back to known higher price elements.

  • The ability to stay above 78.000 USD before going into this weekend will likely become a focal point for trading tomorrow.
  • If WTI Crude Oil can open with upwards momentum that would be a slightly positive sign for the commodity, but unless the 79.000 value is hit and price action remains above this level, it may be seen as a sign the near-term price range will test its current near-term highs but not penetrate marks significantly upwards.

 

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 76.100 to 80.200

The ability of WTI Crude Oil to trade higher this week was a welcome development for short-term bulls who likely believed the commodity had been oversold in late May and early June. The price of the commodity has re-established a known mid-term price range, but still is resting within the lower depths of its three month charts. The current price levels of WTI Crude Oil are likely pleasing producers of the energy.

Unless the 80.000 price is hit and maintained, speculators will continue to focus on the existing known range. There are certainly no guarantees, but WTI Crude Oil’s in ability to maintain the 79.000 level last week indicates sellers remain speculatively active in the commodity too. Unless there is a sudden news development from the Middle East which causes impetus for WTI Crude Oil it is likely the price range will remain calm.


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