WTI Crude Oil Technical Analysis and Short-Term Forecast
This is a brief analysis for the next day or so. Our weekly Crude Oil Forecast and daily updates are much more detailed and thorough energy price forecasts that cover WTI, Brent, RBOB Gasoline, Diesel, and spreads. If you are interested in learning more, please sign up for a complimentary four-week trial.
WTI crude oil is struggling to take out the $65.22 swing low. A double bottom around $65.25 formed. This pattern’s confirmation point is the $68.22 swing high. The daily bullish KaseCD and MACD divergences confirmed at the $65.22 swing low are intact, and the wave up from $65.22 fulfilled its $65.1 smaller than (0.618) target. This wave connects to $68.3 as the equal to (1.00) target. Given these factors, the near-term outlook leans bullish. Closing above $68.2 will open the way for a more substantial correction and potentially a bullish reversal because the double bottom’s target is $71.3
That said, a larger move up from $65.22 will likely be a correction because the wave formation still favors an eventual test of $62.7. Furthermore, the wave down from $68.22 warns that the double bottom will fail, making this a tight call for tomorrow. Taking out the $65.4 smaller than target of this wave will call for a move below the double bottom to fulfill this wave’s $64.8 equal to (1.00) target. Settling below $64.8 will confirm a bearish outlook for the coming days.
