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WTI Crude Oil went into the weekend near the 59.715 mark, this after beginning trading around the 59.500 vicinity on Monday. The early part of this past week saw some limited downside action in which the 58.000 level was challenged on Wednesday and then an incremental reversal upwards.

WTI Crude Oil was trading 59.400 on Thursday when a sudden spike lower took the commodity to the 57.800 ratio momentarily.

However, WTI Crude Oil quickly recovered and by early Friday morning was back above 59.400. The briefly flurry of downward trading and quick reversal upwards then saw range trading from 59.000 to 59.530 thereabouts until mid-Friday. The last handful of hours though did some movement higher as price sustained above 59.800 with a move higher and an eventual test of around 60.200. Yet, WTI Crude Oil did selloff towards the closing bell.

Known Realm and Trading Ground Tested
 

WTI Crude Oil remains a rather polite commodity for day traders to test their perceptions of the marketplace. The commodity does remain within the lower elements of its three and six month price charts technically. Via a one month chart WTI Crude Oil has produced a rather sideways glow. The wide one month range can be said to be between 57.000 and 61.000 USD with some outliers. This realm of value can be considered a rather tight price band.
 

Thursday’s spike downwards and rapid recovery do highlight that WTI Crude Oil can produce quick changes in flow. Speculators cannot get too comfortable and need to practice risk management to avoid predatory moves by large players that can harm small traders with sudden violent jolts that can devastate an account. While the big players may have had a grin and bear it attitude regarding Thursday’s lightning price fluctuations late in the day, small speculators were likely hurt badly if they were ‘long’ WTI Crude Oil and suffered via the selloff that burst lower and then reversed upwards with velocity.

 
Supply Ample and Demand Consistent
 

The price of WTI Crude Oil did flirt with values above 60.000 on Friday but was not able to sustain the charge upwards. Early price action this coming week will be intriguing to see if another attack higher can be started.

• The U.S Fed will likely lower its interest rate this coming Wednesday, but financial considerations regarding borrowing costs have likely been factored into WTI Crude Oil already via suppliers and buyers.
• The sideways values of WTI Crude Oil the past month and often practiced range may open the doors to speculative positions when support and resistance levels are considered.
• The current price of the commodity is within an area that may look high to some short-term speculators, however it might be wise to allow WTI Crude Oil to trade for a few hours on Monday before stepping into the gambling arena.

WTI Crude Oil Weekly Outlook:
 

Speculative price range for WTI Crude Oil is 58.450 to 60.350

For the moment it still doesn’t appear that WTI Crude Oil is going to see a sustained bullish run upwards. The price of the commodity is being suppressed by ample supply. The notion that the U.S economy may be slowing down a little could lead to some additional pressure on WTI Crude Oil, but more economic data will have to be seen in the coming handful of weeks (even as the holiday season approaches) to make an accurate outlook.

Perhaps the recent lackluster manufacturing reports will soon become more optimistic. The picture of full supply and an economic landscape which needs more insight may lead to more sideways price action in WTI Crude Oil. This could prove to be an opportunity for speculators who are diligent and practice solid tactical wagering while allowing for a test of the known value realm.

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