WTI Crude Oil prices have remained within a tight range in recent weeks, with speculators closely monitoring support and resistance levels. The price of WTI Crude Oil dropped below $80.00 in early May and has since seen a limited price range. On Wednesday of last week, the price briefly touched a low of $76.70 before rebounding and closing the week near $79.46. Some buying activity on Thursday pushed the price to a high of $79.80. The upcoming week will be crucial to determine whether the price remains below the $80.00 level. If the price continues to trade within the current range and shows signs of weakness, it could open the door for further selling. However, if the price opens lower but finds support and resistance levels hold, technical traders may look for reversals higher to test the integrity of the price range. The speculative price range for WTI Crude Oil is currently estimated to be between $75.80 and $81.30. Traders are advised to use current support and resistance levels to assess market conditions and the prevailing range. [4f6909a1]
WTI Crude Oil saw the $80.00 level penetrated upwards on Wednesday of last week, only to falter and then begin a rather steady push lower. The price of WTI Crude Oil this week will begin trading near the $77.120 mark, this after touching a depth around the $76.640 ratio this past Friday. However, before traders rush into to say the dominant trend is downwards, they should acknowledge that a run higher early last week in WTI Crude Oil achieved a high of nearly $80.590 on Wednesday. OPEC conducted a meeting to discuss pricing and production, which will have an impact on WTI Crude Oil's movement. WTI Crude Oil's ability to move back to mid-term lows before the oil conference will spark intrigue and concerns in the minds of speculators. Large players in WTI Crude Oil will react immediately to news coming from OPEC. The U.S economy is showing signs of slowing down, which may curtail some usage, but it should not be counted upon. If WTI Crude Oil falls below $77.000 early on Monday and sustains value below this, it could be a signal that selling sentiment remains strong and lower depths could be tested. The move downwards at the end of last week after achieving highs is interesting and may indicate bearish sentiment remains a bit stronger than buyers at this time. Traders looking for lower movement that challenges anything penetrating the $76.000 level may be too ambitious, but the reaction early on Monday and into Tuesday after the OPEC meeting outcome is announced will certainly be important impetus and could cause new dynamics. [36db77a3]
Oil prices steadied on Monday with Brent crude trading near $80 per barrel and West Texas Intermediate (WTI) hovering around $76. This stabilization follows a 2.5% decline last week, spurred by OPEC+'s announcement to increase supply starting from the third quarter. Traders are now looking ahead to monthly reports from OPEC and the International Energy Agency (IEA), scheduled for Tuesday and Wednesday, respectively. The Federal Reserve's mid-week announcement on interest rates is also being closely watched. The oil market has been on a downward trend since early April, driven by a weakening demand outlook. Despite the overall downturn, certain segments of the refined products market, such as jet fuel, are showing signs of strength. Geopolitical factors continue to play a role in the oil market's volatility. Tensions remain high in the Middle East, and far-right parties made significant gains in the European Parliament elections. The upcoming reports from OPEC and the IEA, along with the Federal Reserve's decision, will be pivotal in shaping the near-term outlook for oil prices. [eda2fe48]
According to a recent analysis, Crude Oil is challenging the 82-resistance level and has been forming a five-legged triangle pattern since May 2023. The price may drop to the border of the trend supporting this year's initial lows, between 78.30 and 79.30, before reversing back up towards the 82-resistance level and 85-resistance level. If the price falls below the 78 zone, a bearish track might develop towards the lower end of the triangle near the recent low of 72.90 and the December 2023 lows near the 68 zone. Traders are closely watching key levels to guide the next trend, including the U.S Final GDP and Core PCE data. [7ca90042]
WTI Crude Oil established its high for the week on Friday around the 84.500 mark before moving slightly lower and finishing around the 83.290 level as the day concluded. Speculators should brace for a test of WTI Crude Oil prices early this week as full trading volumes return to the commodity. Last week was able to produce a sustained higher price range even in the wake of lighter than normal trading volumes due to the U.S holiday and many large players being away from the energy market. WTI Crude Oil went into the weekend near the 83.290 level, but a high on Friday was seen around the 84.500 mark which likely raised suspicious eyebrows. WTI Crude Oil has produced a rather consistent incremental bullish trend since the first week of June when the commodity traversed around the 72.000 level momentarily. The ability of WTI Crude Oil to climb higher the past handful of weeks has been noticeable and the price remaining comfortably above the 80.000 mark is of interest. Now that full volumes will return early this coming week, commodity traders will watch the price of WTI Crude Oil intently to see if highs can be sustained and the upper price realm remains a playground for speculators. U.S data has started to show signs of a weakening economy, but WTI Crude Oil in the meantime has climbed in value. Traders may view this as an unbalanced marketplace, but they should remember future contracts of the commodity are geared towards mid and long-term outlooks. The price of WTI Crude Oil has certainly not been hurt yet by faltering GDP numbers from the U.S or manufacturing reading that are not optimistic. The price above the 83.000 mark going into this weekend looks like it may be speculatively high. The move upwards on Friday above the 84.000 ratio had last been seen in late April, this when WTI Crude Oil was starting to show a bearish trend. The opening of trading this week should be monitored closely because the return of full volumes on Monday and Tuesday will indicate where behavioral sentiment is leaning. If WTI sustains values above the 83.000 realm this would be speculatively interesting. Traders who believe WTI Crude Oil has climbed too high may be proven correct, but they should be cautious early this week if they do not have deep pockets. Traders should be wary for the potential of another bursts of higher price movement early this this week which then could generate into a reversal lower. Support around the 82.750 mark should be watched and if it falters early this week, this could be a sign bullish behavior may be ready to weaken. The return of full trading tomorrow and Tuesday will be intriguing for day traders to watch. Potential early volatility could strike in WTI Crude Oil if there is a rise in price and the 84.000 level proves to be adequate resistance and a reversal lower occurs there is a potential a move lower could develop. Traders should be on the lookout for price velocity. WTI Crude Oil has attained its bullish run higher without a great deal of volatility; this is often a sign that buying is calm and actually may have some additional power to display. If WTI Crude Oil challenges the high of last week and suddenly starts to go towards 85.000 this would be a sign large players remain active and should be taken seriously and the bullish trend can continue. [cbd5ebe5]