WTI Crude Oil finished the week’s trading below the 78.000 USD price level, and was not able to generate a volatile push upwards before the long U.S Memorial Day weekend.

The price off the commodity continued to trade within its lower value range the remainder of the week and on early Friday the 76.100 ratio was seen. Having closed slightly higher and around the 77.750 mark, some traders may look at WTI Crude Oil as have responded with a polite upwards thrust. Yet, it should also be considered that large players within WTI also knew a long holiday weekend is about to be celebrated in the U.S which means the commodity will be largely closed for trading until Tuesday. So the move may have been anticipated as an ‘insurance policy’. Long Weekend and a Lack of Buying Based on Fear of the UnknownThe ability of WTI Crude Oil to go into the Memorial Day weekend without an extreme rush into buying positions which could have served as a speculative wager regarding the potential of news developments suddenly emerging is a telling sign. Calm remains self-evident in WTI Crude Oil and a price below the 78.000 level clearly shows the week’s lower trend and a sustained move downwards the past month technically. In fact, WTI Crude Oil went into this weekend near values it traded in the last week of February.Supply remains solid in WTI Crude Oil and demand while stable may not be as strong as some producers would like. U.S economic statistics have been mixed still and the price range of WTI Crude Oil is within the lower end of its three month chart, but in a middle ground when a six month technical perspective is sought. In other words, the commodity appears to be priced within a rather comfortable trading range as large players wait for more impetus. Technical Day Traders and WTI Crude OilTechnical movement in the commodity has been lower certainly over the past week, but it should be remembered WTI Crude Oil was near the 80.000 ratio on the 30th of April. Meaning that the differential over the past few weeks has been rather limited, although the test of the 76.100 ratio did show some rather solid buying as it proved durable, traders need to continue to use solid risk taking tactics because moves in price have been limited.

 WTI Crude Oil Weekly Outlook: Speculative price range for WTI Crude Oil is 74.600 to 80.010The test of mid-term lows this past week highlights that WTI Crude Oil remains within the weaker technical perspectives for the commodity. However, the low slightly above the 76.000 level did hold and a move upwards and back within sight of 78.000 on Friday looks to be a technically efficient reaction. Traders who are intent on betting with quick hitting tactics should be rather comfortable, although waiting to see how WTI Crude Oil opens after this long holiday weekend may be a practical tool.If WTI Crude Oil remains within a range that sees a lot of trading in the 77.000 to 79.000 ratios this week, technical traders may find opportunities to take advantage of price movement. The trend lower this past week should be kept an eye on however, and if the commodity suddenly breaks below the 77.000 mark and starts to challenge 76.000 and falls below this value, speculative bears will certainly take notice. Trading between 76.000 and 73.000 was seen in January on a regular basis.More By This Author:EUR/USD Weekly Forecast: Push Upwards And Sustained Higher Technical ValuesCrude Oil Weekly Forecast: Lower Value Tested and Limited Buying IgnitedGBP/USD Weekly Forecast: Speculative Perspective Important This Coming Week