#Gold, #silver & #Indices (#DAX,#SP500,#NASDAQ100) Weekly Forecast: 20-24 May 2024

Fundamental Analysis & Market Sentiment

1. Long of the S&P 500 Index following a daily close above 5265. This set up at close on Wednesday and produced a loss of 0.02%.
2. Long of Gold following a daily close above $2400. This did not set up until the end of the week.
3. Long of Silver following a daily close above $29.00. This set up on Wednesday and produced a win of 6.16%.

The overall result was a net win of 6.14%, resulting in a win of 2.05% per asset.

Last week’s key takeaway was the strong resumption of risk-on sentiment due to lower-than-expected US CPI (inflation), which fell from 3.5% annualized to 3.4% as expected. The dovish surprise was in the monthly increase, which was only 0.3% and not the 0.4% which was expected.

It is worth noting that markets were beginning to become weakly risk-on earlier in the week before this data release, which suggests an underlying bullishness in stock markets, perhaps driven by stronger than expected corporate earnings in the USA seen over recent weeks. Anyway, the lower US inflation data sent major indices rising to new highs. This is not only happening in the USA, but also to several major global equity indices. The MSCI World Index reached a new record high last week.

There were two other highly important US data releases last week. PPI came in notably higher than expected, with markets expecting a monthly increase of 0.3% but getting 0.5%. This stoked fears on Tuesday that the CPI data the following data would be high, which turned out not to be true. Retail Sales data showed no increase at all over the past month, which boosted the effect of the lower CPI data in raising the chance of an earlier rate hike.

According to the CME FedWatch tool, about 68% expect the first rate cut to happen at the Fed’s September meeting.

Other important data releases last week were:

1. US Empire State Manufacturing Index – about as expected.
2. US Unemployment Claims – about as expected.
3. Australia Wage Price Index – just a fraction lower than expected, which is very slightly dovish for inflation and rates.
4. New Zealand Inflation Expectations – fell from 2.50% to 2.33%, which is dovish.
5. UK Claimant Count Change – slightly better than expected.
6. Australia Unemployment Rate – rose unexpectedly from 4.1% to 3.9% which may be slightly dovish for inflation and rates.

Gold

The price of Gold rose strongly last week, printing a bullish candlestick which closed near its high. It is worth noting that the price did not make a new high, although the weekly close was a record high.

Overall, we see bullish signs, but the price is not trading in “blue sky”. Note also that Silver outperformed Gold last week and has looked more bullish than Gold for a while longer than that.

Another bullish factor for Gold is the strength in major stock markets, many of which are rising to new record highs. Gold, contrary to widespread belief, is positively correlated with stock markets.

I think Gold looks like a buy right now, although more conservative traders might want to see a New York close above the record high at $2431 before entering.

Silver

The price of Silver rose very strongly last week, printing the largest bullish candlestick seen in years. The candlestick closed very near the high of its range, which is a bullish sign. There is no doubt there is strong bullish momentum here, but over the long and short term.

Silver is trading in blue sky now at a new 11-year high price, well above the major round number at $30.

Another bullish factor for Silver is the strength in major stock markets, many of which are rising to new record highs. Gold, contrary to widespread belief, is positively correlated with stock markets.

I think Silver looks like a strong buy immediately.

S&P 500 Index

After making a fairly deep bearish retracement in April following new all-time highs, the S&P 500 Index rose again last week to again break into new record territory.

There is a small upper wick, but the key things to note are that the weekly close was above the previous record high, and that the wick is nothing out of the ordinary.

It makes sense to be bullish on this major stock market index when it is rising firmly to make new record highs. Historic precedent shows this tends to produce further gains quickly.

It is worth noting that this index is outperforming the NASDAQ 100 Index, suggesting a broad market rally driven by higher than expected earnings outside the tech sector.

I see the S&P 500 Index as a buy.

NASDAQ 100 Index

After making a fairly deep bearish retracement in April following new all-time highs, the NASDAQ 100 Index rose again last week to again break into new record territory.

There is a small upper wick, but the key things to note are that the weekly close was above the previous record high, and that the wick is nothing out of the ordinary.

It makes sense to be bullish on this major stock market index when it is rising firmly to make new record highs. Historic precedent shows this tends to produce further gains quickly.

However, it is worth noting that this index is underperforming the broader S&P 500 Index, suggesting that the performance here could be relatively weak as it is more of a wide market rally than a tech-driven one.

I therefore see the NASDAQ 100 Index as a buy, but only after a daily close above the record high at 18613.

DAX

The German index initially tried to rally during the week but gave back gains as we continue to see a little bit of noise in general. That being said, Friday did show a significant amount of support, and I think this suggest that there are plenty of buyers underneath, so you certainly want to follow the trend, meaning that you want to be a buyer overall. I have no interest in shorting the DAX and do believe that we eventually get to the €20,000 level over the longer term. Buying on the dips is my favorite strategy here.

Bottom Line

I see the best trading opportunities this week as follows:

1. Long of the S&P 500 Index.
2. Long of the NASDAQ 100 Index following a daily close above 18613.
3. Long of Gold.
4. Long of Silver.

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CrudeOil Weekly Forecast: Lower Value Tested and Limited Buying Ignited (20-24 May 2024)

The price range of WTI Crude Oil was a rather polite affair for speculators this week after mid-term lows were challenged on Wednesday of this past week.

• The price of WTI Crude Oil went into this weekend near the 79.460 ratio; this after a low around the 76.700 value was touched on Wednesday.
• While the lows challenged in the middle of the week hit prices last seen in late February, some buying did generate and on Thursday and a high of 79.800 came into sight.
• However, the range of WTI Crude Oil remained within a fairly solid channel taking into consideration the results seen in the commodity since the start of this month.

Since the beginning of May, when WTI Crude Oil literarily dropped below the 80.000 USD price, the commodity has actually seen a rather tight price range which has allowed day traders to test their technical perspectives. The finish for WTI Crude Oil going into the weekend essentially closed trading near marks the commodity was testing on Monday and Tuesday of last week. The move lower needs to be considered and what happens next will be intriguing. The price of WTI Crude Oil has not traversed above 80.000 USD since the 1st of May.

U.S Economic Data and Demand for WTI Crude Oil

As the price of WTI Crude Oil remains within sight but below the 80.000 USD mark, supply and demand for the commodity remains durable. U.S demand for energy over the mid-term may come into question taking into consideration signs the U.S economy is dampening, but having closed the week of trading within sight of 80.000 USD should be considered by speculators. And experienced traders know Crude Oil demand is unlikely to suddenly vanish.

Early trading this week should be watched to see if risk appetite continues to creep into the broad financial markets, if the price of WTI Crude Oil remains comfortably below the 80.000 ratio this may be viewed as a positive by participants in equities and Forex. Tomorrow’s opening in WTI Crude Oil should be examined and if trading remains polite, and sees the commodity pushed backwards to support levels again, this could open the door for more selling to be generated. The price range of WTI Crude Oil is traversing the higher elements of its range for May and resistance levels around the 79.500 to 79.650 values should be monitored early.

Lingering Price Range and Technical Perspectives

If trading early this week continues to demonstrate a top level of WTI Crude Oil that continues to get pushed backwards when current resistance levels are tested, this could open the door for lower values. However, the ability of WTI Crude Oil to bounce with price velocity on Wednesday after seeing sharp selling may be a sign that sentiment remains nervous.

• Once again the 78.000 to 77.000 price levels below could provide intriguing windows to test additional support levels lower.
• If WTI Crude Oil opens with lower values early this week and support levels see sustained tests but do not falter, technical traders may start to look for reversals higher to simply see if the price range remains intact.

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 75.800 to 81.300

WTI Crude Oil has seen rather quiet trading the past few weeks and this may continue in the coming days unless there is a sudden news development from the Middle East. Traders may want to use current support and resistance levels in order to test market conditions and the prevailing range. Traders are advised to continue to practicing the use of stop losses to guard against unknown developments which could cause a sudden spike in the price of WTI Crude Oil.

Energy traders are among the most experienced commodity speculators around, and know how to remain tranquil. The price of WTI Crude Oil the past few weeks has shown a lower range with occasional tests of new lows. If the world stays quiet in the coming days, technical traders may enjoy speculative opportunities in the commodity.

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MARKET UPDATE: #Saudi #Arabia Wholesale #Inflation Ticks Down (15 May 2024)

The annual wholesale price inflation in Saudi Arabia edged down to 3.4% in April 2024 from 3.8% in the previous month.

Prices slowed for other transportable goods except metal products, machinery & equipment (8.1% vs 9.2% in March), while remained unchanged for food products, beverages, and tobacco & textiles (2.4% vs 2.4%) and agriculture & fishery products (0.2% vs 0.2%).

Additionally, costs dropped for metal products, machinery & equipment (-0.6% vs -0.7%) and ores & minerals (-2.2% vs -2.2%). On a monthly basis, wholesale prices decreased by 0.4% in April, after a 0.4% rise in March.

Saudi Arabia Wholesale Inflation Advances in March

The annual wholesale price inflation in Saudi Arabia advanced 3.8% in March 2024, up from 3.1% rise in the previous month, driven by a faster increase in the prices of other transportable goods except metal products, machinery & equipment (9.2% vs 7.5% in February).

At the same time, costs continued to rise for food products, beverages, and tobacco & textiles (2.4% vs 2%). In contrast, prices slowed for agriculture & fishery products (0.2% vs 0.6%), while declined further for ores & minerals (-2.2% vs -2%) and metal products, machinery & equipment (-0.7% vs -0.6%). On a monthly basis, wholesale prices rose 0.4% in March, rebounding from a 1.2% fall in the prior month

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Weekly #Forex Forecast –#USDJPY,#Gold,#Silver,#SP500 Index,#CAC,#USDMXN (13-17 May 2024)

Fundamental Analysis & Market Sentiment

Last week’s key takeaway was the souring of risk-on sentiment due to expectations in the USA of higher inflationary pressure over the short-term as well as US Consumer Sentiment data which came in at a six-month low. This souring did not come until the end of the week, and it is unclear how negative it is, as most assets over the entire week showed a risk-on rally.

It is unclear what sentiment will be like as the new week gets underway. It is likely that markets will be so fixated on the upcoming US CPI data release that nothing much will happen in the market before that.

The two major data releases last week were policy meetings at two central banks: the Bank of England and the Reserve Bank of Australia. Both central banks kept their interest rates unchanged, but the Bank of England vote was a little more dovish than expected. The RBA stated that inflation risk remains to the upside but that on balance they considered another rate holding to be the correct action. However, both banks effectively indicated a rate hike was out of the question.

Other important data releases were:

1. US 30-Year Bond Auction – this produced a slightly lower yield, which should be slightly bullish for risk.
2. UK GDP – this came in notably better than expected, with a month-on-month increase of 0.4% instead of the expected 0.1% increase.
3. US Unemployment Claims – this was slightly worse than expected.
4. Canadian Unemployment Rate – this was better than expected, with the unemployment rate remaining unchanged at 6.1% due t the creation of more net new jobs than was expected.

The Week Ahead: 13th – 17th May

The most important item over this coming week will be the release of US CPI (inflation) data on Wednesday. Apart from that, there are several other important releases scheduled, listed in order of likely importance:

1. US PPI
2. US Retail Sales
3. US Empire State Manufacturing Index
4. US Unemployment Claims
5. Australia Wage Price Index
6. New Zealand Inflation Expectations
7. UK Claimant Count Change
8. Australia Unemployment Rate

Monthly Forecast May 2024

Weekly Forecast 12th May 2024

Last week, I forecasted that the Japanese Yen would decline against the Euro, Pound, New Zealand Dollar, Swiss Franc, Canadian Dollar, and Australian Dollar. All of these were excellent winning trades, giving a large overall gain of 10.45%, as outlined earlier.

Directional volatility in the Forex market decreased last week, with 27% of the most important currency pairs fluctuating by more than 1% last week.

Last week, the Australian Dollar showed relative strength, and the Japanese Yen showed relative weakness.

Key Support/Resistance Levels for Popular Pairs

Technical Analysis

US Dollar Index

The US Dollar Index printed a small inside candlestick last week which closed slightly higher with a relatively large upper wick, signifying indecision. The candlestick is close to being a bearish pin bar. There is no true long-term trend here, as the price is above its level from 3 months ago but remains below its price of 6 months ago, making the US Dollar relatively unreliable to trade on a trend basis.

The weekly price chart below shows that the dollar has been swinging but has been in a consolidation pattern for quite a while, and the consolidation seems to be getting stronger and constricting.

However, it is worth noting that there is a confluence of a bearish descending trend line and a key horizontal resistance level at 105.81 which is not far from the current price. If the Us Dollar can get established above that level, it could be a significant bullish breakout. It could happen this week if the release of US CPI (inflation) data is notably higher than expected.

USD/JPY

The USD/JPY currency pair was active this week, as were all the Yen crosses. This is due to volatility remaining within the Japanese Yen after its recent massive price movements, with the volatility goosed by two suspected interventions from the Bank of Japan.

The Yen is weakening everywhere, and so of course it also weakened against the US Dollar. However, several other currencies gained even more against the Yen last week.

Technically we see the bullish momentum starting to evaporate into a consolidation below ¥156.00.

Yen weakness is quite likely to persist over the coming week. Whether this is the best pair to use to be short of the Yen is debatable. However, if the Yen does stay weak, long trades from bounces at support levels in this currency pair are likely to be good trades.

Gold

The price of Gold rose quite firmly last week, printing a bullish engulfing candlestick of good size, although Friday saw Gold give up some of its gains through a short-term topping out. The weekly price chart below shows some upper wick on the weekly candlestick. However, the price closed notably higher, and is not very far from making a record high weekly close, which was last made 4 weeks ago at $2392.

We do not yet have bullish breakout conditions, but long trades do look more likely to succeed than short ones, and there is certainly a long-term bullish trend here.

I think we could see a good point to enter a new long trade if we get either:

• A daily close above $2400, or
• A retracement to any of the support levels above $2290.

Silver

The price of Silver rose quite firmly last week, printing a bullish engulfing candlestick of good size, although Friday saw Silver give up some of its gains. The weekly price chart below shows some upper wick on the weekly candlestick. However, the price closed notably higher, and is not very far from making a record multi-year high weekly close, which was last made 4 weeks ago at $28.69.

We do not yet have bullish breakout conditions, but long trades do look more likely to succeed than short ones, and there is certainly a long-term bullish trend here.

I think we could see a good point to enter a new long trade if we get either:

• A daily close above $29, or
• A retracement to either of the support levels at $27.72 or $27.46, with $27.46 looking especially strong due to its confluence with $27.50.

S&P 500 Index

After major US equity indices dropped quite sharply 4 weeks ago after making new all-time highs, US stock markets have been rising slowly but surely, and last week saw quite good performances, especially here in the broad, benchmark S&P 500 Index. It is worth noting that this Index outperformed the NASDAQ 100 Index, which is unusual in a bear market and suggests that the tech sector currently has some vulnerability.

The weekly price chart below shows a bullish candlestick that closed quite near its high. There was some upper wick, but nothing unduly large for bulls to worry about.

There is clearly a long-term bullish trend coupled with mostly bullish short-term momentum. The issue for bulls here is likely to be that the price is near the recent record highs which could provide resistance and trigger another bearish reversal if reached.

For this reason, I will only consider entering a new long trade here if we see a new record high daily close. I prefer a daily close above 5265 which would be a new record high.

We have seen renewed risk-on sentiment in recent days, which is benefiting stocks and precious metals. Gold and silver are positively correlated with stock market performances historically.

USDMXN :

The US dollar gap lower against the Mexican peso the kickoff the trading week, only to turn around and show signs of strength and fill that gap, only to turn right back around and start selling off. Ultimately, this is a market that I think is doing everything he can to break down below the 16 pesos level, but we have a long way to go. In general, this will be an interesting pair to watch due to the fact that it is an emerging market currency that is extraordinarily important. I think this still remains a market that you are looking to fade rallies in.

CAC

The French index was very positive this week, although it’s worth noting that Friday was little bit of a letdown. The market has struggled at the previous high, but this simply means that we will probably pull back only to find more buyers. Underneath, we have the €7900 level that is likely to offer quite a bit of support. Even if we were to break down below there, I think there’s even more support near the €7600 level as the 50-Week EMA comes into the picture.

Bottom Line

I see the best trading opportunities this week as follows:

1. Long of the S&P 500 Index following a daily close above 5265.
2. Long of Gold following a daily close above $2400.
3. Long of Silver following a daily close above $29.00.

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CrudeOil Weekly Forecast: Values Remain Under Speculative Pressures (13-17 May 2024)

The price of WTI Crude Oil closed the week of trading slightly below its starting point last Monday, and trading in the commodity remains under speculative pressure.

• WTI Crude Oil finished the week of trading slight below its starting point last week.
• If a speculator wasn’t participating they might simply look at the price of the commodity as having performed a very comfortable value line, but that isn’t the story.
• The price of WTI Crude Oil began last week with normal choppy values but fell to a low of nearly 76.680 on early Wednesday.
• Then the price of the commodity started to climb and by Thursday was flirting with a high around 79.420.

The price of WTI Crude Oil remained within the upper levels of its short-term range going into Friday, which then created a high around the 79.520 mark. However, after hitting the apex which retouched marks from the 2nd of May, WTI Crude Oil began to selloff going into the weekend. The strong selling as Friday concluded showed that large players were feeling comfortable with fundamentals which show adequate supply and a lack of hyperbole from the Middle East.

Back to Square One as WTI Crude Oil Opens this Week

Essentially WTI Crude Oil appears set to open Monday’s trading within vicinities it began last week’s trading. From a technical perspective the ability to turn lower as the weekend approached is significant and if the commodity opens tomorrow with a tranquil price range, this might indicate lower realms could still be demonstrated. Last week’s lows touched values last seen on the 11th of March. The 76.000 level appears to be important support for WTI Crude Oil.

If WTI Crude Oil continues to sell and falls below the 77.000 mark, traders will have their eyes on last week’s low. If the 76.600 support level is able to be penetrated lower it will open the door to technical consideration via prices that were seen from December into February. Lower prices may seem like wishful thinking for the public and speculators, but if supply and demand remain consistent with the levels being demonstrated currently a bit more selling to slightly lower depths is not out of the question.

WTI Crude Oil and Fair Market Value and Global Economic Intrigue

Global economies do seem to be improving slightly via economic data from Europe and China but very slowly, this as they seem to show signs of potentially stumbling out of recessionary pressures. But the U.S economy appears to actually be growing weaker and if this decline continues it will open the door to less demand for WTI Crude Oil.

• Support near the 77.000 level should be watched early this week; if it is penetrated another push towards lows seen last week will likely become the target.
• Having produced a selloff going into last weekend is intriguing, WTI Crude Oil should be watched early this week to see if momentum continues, but if there is a reversal higher on early Monday this may indicate some large players believe the commodity is slightly oversold.

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 75.10 to 80.20

The trajectory of WTI Crude Oil has been lower since tracing above the 87.000 price in first and second week of April. The inability last week to seriously challenge the 80.000 value is another sign that technically traders may be comfortable with the current price range. Last week’s push higher from Wednesday into early Friday are a reminder that WTI Crude Oil can move higher and day traders wagering on the commodity need to be careful.

If political saber rattling from the Middle East can remain within calm decimal levels and not scare large traders of WTI Crude Oil, it is likely the commodity will remain within a rather polite price range. The 76.000 to 79.000 levels seem like a potential playing ground in the coming days. If the commodity is able to open with selling following last week’s soft close, there is a reason to suspect some additional selling may demonstrated. The technical range of WTI Crude Oil appears to be rather firm going into this week.

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Precious Metals Forecast: #Silver Breaks Out,#Gold Consolidates (9 May 2024)

• Silver is outperforming Gold, so traders should be more confident of being long of Silver than of Gold.
• The best new trade opportunity which might set up today will be a long trade in Silver from the $27.50 area.
• Stock markets are mostly holding up, which is probably good news for further rises in Gold and Silver.

Gold (XAU/USD): Technical Analysis

Gold is still established within a long-term bullish trend despite retreating from its record high made just a few weeks ago. Bulls still need caution as the price is not trading in blue sky and is prone to hitting resistance and swinging lower. In fact, it is fair to say that we are seeing a consolidation within an increasingly narrow range, with both nearest support and resistance levels looking likely to produce rejections when tested, giving potential short-term trading opportunities.

A few hours ago, the price made what seems to be a significant bearish reversal at the resistance level at $2321. The price looks quite likely to fall further to $2305 where a long trade could be possible. If any rejection also rejects that round number at $2300 it will likely be even stronger.

Any long trade could easily run out of momentum near $2321 so be conservative with taking profits from any long trade – monitor it carefully.

Key Support Levels:

• $2305
• $2290

Key Resistance Levels:

• $2321
• $2329

Silver (XAG/USD): Technical Analysis

The price chart below shows that Silver is still established within a long-term bullish trend despite retreating from its multi-year high made just a few weeks ago. Recent hours have seen a significant bullish development: a bullish breakout above the resistance level confluent with the major quarter-number at $27.50.

A few hours ago, the price made a bearish reversal at the resistance level at $27.73. However, this does not look technical significant, and I would not be surprised if the price rises again to get established above that level.

A long trade here in Silver could be a great idea if we get a bullish bounce anywhere between $27.50 and $27.46, as this area was formerly well-established resistance so is likely now to act as strong support.

I see Silver as a better potential buy opportunity than Gold right now, but more conservative traders might prefer to wait for a bullish breakout above $27.75 instead of buying on the dip after a bounce near $27.50 or even lower.

Key Support Levels:

• $27.50/46
• $27.00
• $26.84
• $26.62

Key Resistance Levels:

• $27.73
• $28.05

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WTI #CrudeOil Weekly Forecast: Price Drop Ensues After Support Levels Fade (6-10 May 2024)

The price of WTI Crude Oil went from running into headwinds and lingering within the upper realms of its three month price chart to falling below important support levels rather quickly last week.

• As the price of WTI Crude Oil opens this week it will be near the 77.930 USD ratios, which had last been traded in a meaningful manner on the 13th of March.
• WTI Crude Oil which has been flirting with higher prices and testing resistance on a fairly regular basis a bit over the past month suddenly found selling pressure build.
• When the 82.000 price level was penetrated lower on Tuesday, momentum didn’t slow down and the 81.000 target began to come into sight and by Wednesday this level was brushed aside too.

Wednesday’s trading in WTI Crude Oil saw a fall from slightly above 81.000 to the 79.000 mark emerge. And downside pressure was not finished yet, Thursday and Friday did produce slight reversals higher, but selling continued and the 80.000 price level looked further away as traders began to close their offices for the weekend.

Supply Remains Abundant and WTI Crude Oil is Tranquil

While the media continues in many cases to shine a light on the Middle East conflict, experienced energy traders have proven they are tranquil and are paying attention to fundamentals which show Crude Oil remains abundant and no shortages are present. While peace in our time has not been achieved, developments from the Middle East didn’t stir speculative fires this past week.

The downturn in U.S GDP numbers last week may have also played a role in the ability of WTI Crude Oil to produce a price decline. Large players may be more cautious about pursuing long positions if they feel the U.S economy is about to enter a bona fide downturn.

Production Levels and Looking Ahead Technically

While inventory of WTI Crude Oil remains efficient and supply from the large producers is flowing, some analysts are pointing out that OPEC while conducting its next meetings could make changes to their production in order to combat the faltering prices. However, traders should understand the OPEC meetings aren’t until the 1st of June and until then production levels are not going to be changed dramatically. The question now for WTI Crude Oil is if it will sustain values below 80.000 USD in the coming days.

• Traders with a taste for selling will have to pull out three month technical charts to observe depths last traded in the second week of March.
• While the 77.000 realm below is certainly important, the price of WTI Crude Oil may start to test a choppy range between 77.000 and 79.000 over the near-term.
• The ability to trade lower with rather considerable price velocity last week is newsworthy and speculators should monitor the start of WTI Crude Oil trading this week to gauge existing behavioral sentiment.

WTI Crude Oil Weekly Outlook:

Speculative price range for WTI Crude Oil is 75.200 to 82.600

If the 77.250 mark below starts to get tested and movement sustains lower depths this could set off a rather intriguing speculative battle. Any trading below the 77.000 mark could set off alarm bells and cause technical traders to consider lower values seen via six month charts. Before WTI Crude Oil traders say anything below 75.000 USD is too low, they should remember that the commodity was actually testing values below the 70.000 realm on a fairly consistent basis from mid-December until the start of the second week of January.

The trend lower in WTI Crude Oil which has been produced since the middle of April also coincides with nervousness regarding USD trading apexes and concerns about the U.S economy. Yes, reversals could certainly be seen in WTI Crude Oil, traders cannot bet on a one way direction to unfold. However, resistance above after getting tested in the coming days, may present an opportunity to sell WTI Crude Oil for speculators who manage their risk taking tactics well and believe downside pressure is stronger.

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