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The past two weeks of trading in WTI Crude Oil have seen the commodity experience incremental selling that have seen demonstrated a fall from highs around 62.350 on the 24th of October and culminated with this past Friday’s close around the 58.495 mark.

• Day traders have certainly seen the typical intraday reversals filter into WTI Crude Oil, but there is no mistaking that the speculative buying frenzy that temporarily broke out on the 22nd of October has fallen flat.
• Once again market forces via fundamentals has created headwinds for WTI Crude Oil, and the 60.000 USD ratio has become a clear magnet for technical traders as support and resistance levels factor into short-term speculative positions.

The high for WTI Crude Oil this past week occurred on Monday when the 61.300 vicinity was toyed with before faltering.

Known Prices and Speculative Lows

The low for WTI Crude Oil per the futures trading this past week was seen on Thursday when the 58.600 vicinity was challenged. Yes, another push higher certainly was seen and early on Friday the 60.310 ratio was flirted upon, but selling then started to build force again and the 60.000 level was proven vulnerable. The ability of WTI Crude Oil to go into this weekend within its lower framework is intriguing, because it sets up the potential for a test of the 59.000 level as support once again.

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While Thursday’s lows caused a reversal upwards, a look via technical charts seems to indicate sentiment is nervous about the 59.000 level. WTI Crude Oil closed above this value and is literally between the 59.000 and 60.000 ratios. But if WTI Crude Oil sells off strongly again and sustains lows beneath 59.000 for a duration, this might not only spart a retest of short-term lows seen on Thursday of this past week, but consideration of depths explored the middle of October until around the 22nd of that month.

A Story of Plenty for WTI Crude Oil

Simply put there is plenty of WTI Crude Oil supply available for buyers. Meaning the price of the commodity would appear to have a rather durable upper level. Headwinds have created a rather obvious downwards trajectory for WTI Crude Oil over the mid and long-term.

• Yes, the commodity does bounce higher on occasion due to speculative and international influences.
• However, folks looking for upside in WTI Crude Oil are not purchasing positions with visions much beyond the possibility of quick hitting profits.
• The 60.000 may continue to work as a focal point and the 61.000 to 62.000 levels may be on the speculative card for some large players who feel they can cause a slightly stronger runs higher.
• But realistically it appears the known range and downside pressure has the power in WTI Crude Oil for the moment.

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 57.800 to 61.900

Day traders must stay alert in WTI Crude Oil for surprises upwards, but the key to the speculative story in the commodity seems to remain an ability to move lower. Many traders may technically only want to sell WTI Crude Oil after moves higher and signs of resistance starting to build, and this in fact remains the best tactic from the outward appearance of price action.

Tomorrow’s opening will be of interest because of the overall nervousness in the broad markets which seems to have created a grey shadow over many assets. The potential of WTI Crude Oil being able to go lower is legitimate and if the 59.000 is broken below and sustained some large players may believe the 58.000 mark is a real target. Smaller traders should not get too ambitious and look for targets that are more realistic depending on the size of their accounts and tactical ability to pursue WTI Crude Oil in what appears to be a bearish market.

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