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’s move down accelerated again today and settled below a highly confluent and important $66.5 target. The move down is now poised to test $64.6 and then the next major target at $63.7. The $63.7 objective is another bearish decision point because it is the equal to (1.00) target of the wave down from the $84.32 October contract high and the larger than (1.618) target of the wave down from $83.45. Once prices fall to $63.7 the daily RSI and KasePO should be oversold. Therefore, $63.7 is a target from which a solid test of resistance could take place. Given the current wave structure, a sustained close below $63.7 would be quite bearish for the coming months because the next major target is $55.9.

The move down is due for a correction but there are no bullish patterns or signals that call for the move down to stall. The small move up at the end of today was likely profit-taking but suggests that a test of $66.7 and possibly today’s $67.4 midpoint might take place first. The $67.4 level is expected to hold. Key resistance for tomorrow is in line with today’s open at $68.8.

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 continues to trade in a wide and indecisive range. Prices rallied on Monday and settled above the 78 percent retracement of the decline from $78.54 and the smaller than (0.618) target of the wave up from $70.88. This suggests that a test of this wave’s $79.1 equal to (1.00) target will take place. Such a move would put WTI above the 62 percent retracement of the decline from $82.62, which would also be bullish for the outlook in the coming weeks.

However, today’s close below Monday’s midpoint and the 200-day moving average was bearish for the near term. This move also suggest that prices will remain bound within the wide range between $71.2 and $79.1 while traders wait on more fundamental, macroeconomic, and geopolitical information.

Key near-term support at $75.2 held, but a test of this level is expected early tomorrow. Settling below $75.2 will call for $74.5, $73.8, and possibly a test of the $73.2 smaller than target of the wave down from $78.54 in the coming days. Closing below $73.2 would confirm a bearish outlook and open the way for another attempt to close below a long-term bearish decision point at $71.2.

That said, the pullback from $77.60 might still prove to be a simple correction should $75.2 hold. Overcoming $76.8 will call for a test of key near-term resistance at $77.8. Settling above $77.8 will put the near-term odds back in favor of WTI crude oil rising to challenge $78.7 and likely $79.1.

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 settled below the 62 percent retracement of the rise from $70.88 and the intermediate (1.382) target of the first wave down from $78.54. This was bearish for the outlook because the close below the 62 percent retracement implies that the move up from $70.88 is a completed correction and has increased the likelihood that a long-term bearish decision point at $71.2 will be tested again.

The 78 percent retracement and larger than (1.618) target around $72.6 were tested and held on a closing basis today. Another test of $72.6 is expected within the next day or so. Closing below $72.6 will call for a minor target at $71.8 that connects to the long-term bearish decision point at $71.2. The $71.2 objective is most important because it is the smaller than (0.618) target of the wave down from the $84.32 October contract high, the equal to (1.00) target of the wave down from $83.45, the smaller than target of the wave down from $82.62, and the 62 percent retracement of the rise from $64.38. A sustained close below $71.2 will open the potential for a decline into the mid-to-low $60s in the coming months.

Nevertheless, the confluence of $72.6 makes this a level from which a test of resistance might take place before the move down extends and tests $71.2. Today’s long upper and lower candlestick shadows also reflect a bit of near-term uncertainty. A further move up from $72.54 will likely be a correction and is expected to hold key near-term resistance at $74.8. Overcoming $74.2 will call for a test of $74.8. Settling above $74.8 would warn that the move down from $78.54 is failing.

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 rallied on Monday and overcame the $78.88 swing high and settled above the 62 percent retracement of the decline from $83.58 and the bullish threshold of the daily Kase Trend indicator. This was bullish for the outlook of WTI crude oil in the coming weeks. However, the $80.2 XC (2.764) projection of the first wave up from $71.67 held and a small intra-day double top formed around $80.16. The double top was confirmed and prices settled below the pattern’s $78.5 target, Monday’s midpoint, and the 21 percent retracement of the rise from $71.67 on Tuesday.

The pullback from $80.16 is likely a correction. However, the wave down from $80.16 is poised to test its $77.8 XC (2.764) projection early Wednesday. Falling below $77.8 will call for a test of key support at $76.9. This is in line with Monday’s open and the 38 percent retracement of the rise from $71.67. Based on the current wave formation down from $80.16, settling below $76.9 is doubtful. Such a move would warn that the move up is failing again.

Should $77.8 hold and prices rise above Tuesday’s $79.0 midpoint, which is also currently the 38 percent retracement from $80.16, look for another test of $80.2. Closing above $80.2 will confirm a bullish outlook for the coming days and clear the way for the $81.1 smaller than (0.618) target of the wave up from $69.16 to be challenged.

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.

The outlook for WTI crude oil is bearish for the coming weeks. The September contract settled below the smaller than (0.618) target of the wave down from $84.36 and the 62 percent retracement of the rise from $72.23 on Monday. This implies that the move up from $72.23 is complete and the wave down from $84.36 now favors an eventual test of its $71.5 equal to (1.00) target.

Today, prices fell to challenge the $74.7 smaller than target of the wave down from $82.27 and the 78 percent retracement of the rise from $72.23. The $74.7 target held on a closing basis, so there is a modest chance for a test of resistance tomorrow. However, there are no bullish patterns or confirmed technical signals that call for a reversal. Therefore, near-term odds favor a test of $74.3, a close below which will call for $73.7, $73.2, and the next confluent target at $72.3 in the coming days.

Should prices rise tomorrow look for initial resistance at $75.5 and then $76.0. The $76.0 level is expected to hold. Key resistance for the near term is $76.6. This threshold is in line with the 21 percent retracement from $83.58 and the 200-day moving average. Settling above $76.6 would shift the near-term odds in favor of WTI crude oil rising to challenge $77.0 and higher.

WTI Crude Oil Technical Analysis and Short-Term Forecast

WTI crude oil fell to challenge the 200-day moving average and 62 percent retracement of the rise from $72.23. This support at $76.6 held on a closing basis, but the subsequent move up from $76.40 is likely a simple correction. Another test of $76.6 is anticipated. Taking out $76.6 will call for a test of the $76.1 smaller than (0.618) target of the wave down from $84.36. Settling below $76.1 will confirm a bearish outlook for the coming days, and likely the next few weeks, opening the way for $75.2 and lower.

There are no bullish patterns or signals on the daily chart that call for a reversal. The $76.6 and $76.1 targets are crucial though and this is an area where the move down could stall. Should WTI crude oil overcome initial resistance at $77.7 look for a test of $78.6 and possibly key near-term resistance at $79.1. The $79.1 level is the 38 percent retracement of the decline from $83.58. Therefore, settling above this would warn that the move down is failing.

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 settled below the $81.4 smaller than (0.618) target of the wave down from $84.52 and the 20-day moving average today. The move down is likely a correction but is now poised to test at least $80.0. This is the equal to (1.00) target of the wave down from $84.52 and 38 percent retracement of the rise from $72.44. A normal correction will hold $80.0, so settling below this objective may prove to be a challenge. Nonetheless, a sustained close below $80.0 will open the way for $79.5, $79.1, and then another major target at $78.6.

There are no bullish patterns or signals that call for the move down to fail before reaching $80.0. Even so, the move up from today’s $80.22 low could extend to test today’s $81.3 midpoint first. This level will likely hold. Overcoming $81.3 would call for WTI crude oil to test of key near-term resistance at $81.9. This is in line with today’s open and the 38 percent retracement of the decline from $84.52. Settling above $81.9 would warn that the move down is failing and shift the near-term odds in favor of WTI crude oil rising to challenge $82.4 and possibly the 62 percent retracement at $82.9.

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 confirmed daily bearish MACD and Stochastic divergences at the $84.52 swing high and settled below the 21 percent retracement of the rise from $72.44 today. The move down is likely a correction. Even so, prices also settled below the smaller than (0.618) target of the wave primary wave down from $84.52. Therefore, this wave favors a test of at least its $80.8 equal to (1.00) target. Settling below $80.8 will call for a test of the $79.9 intermediate (1.382) target, which is also the 38 percent retracement of the rise from $72.44. A normal correction should hold $79.9. Settling below this would warn that the move up is failing and call for a more substantial test of support.

A small intra-day double bottom formed around $81.25, so there is a modest chance for a test of the $82.16 confirmation point. Overcoming this would call for $82.5 and likely $83.2. The $83.2 level is key resistance for the near term because it is in line with the double bottom’s target and the 62 percent retracement of the decline from $84.52. Rising to $83.2 will also invalidate the wave down from $84.52 which projects to $80.8 and lower. Settling above $83.2 would imply that the corrective move down is complete.

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 settled above the $82.4 smaller than (0.618) target of the primary wave up from $69.22 on Monday. This was bullish for the outlook in the coming weeks because this wave now favors an eventual test of its $88.5 equal to (1.00) target. Furthermore, prior major swing high have been overcome, prices are trading above all major daily moving averages, and daily trend indicators are bullish.

The near-term outlook is also bullish but today’s shooting star warns that a test of support might take place first. The daily Stochastic is overbought and the KaseCD and MACD are set up for daily bearish divergence. Therefore, caution is warranted and the near-term odds for a continued rise have been dampened.

Closing above the $83.9 equal to (1.00) target of the wave up from $72.44 will call for a test of the $84.7 equal to target of the wave up from $77.35. This then connects to the next major objective and confluence point at $86.4.

Any further move down will likely be a correction. Nonetheless, closing below $82.4 will complete the shooting star and settling below $81.5 will confirm the reversal pattern. Settling below $81.5 is doubtful based on the current intra-day wave down from $84.38 though. Such a move would put the near-term odds in favor of testing $80.5 and then the 38 percent retracement of the rise from $72.44 at $79.8.

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 overcame the $80.11 swing high and settled above the 62 percent retracement of the decline from $85.27. The daily Kase Trend indicator is bullish, the 10-day DMI and ADX reflect increasing bullish sentiment, and prices are trading above all major daily moving averages. These factors confirm a bullish reversal and trend.

The move up is now poised to test the $81.4 smaller than (0.618) target of the largest wave up from $72.44. Closing above this will call for a longer-term bullish decision point at $82.4, which is the smaller than target of the wave up from $69.22, to be challenged.

The move up is due for a correction. Overbought daily KaseCD and Stochastic oscillators warn that such a move might take place soon. Even so, there are no bearish patterns or confirmed signals that call for the move up to stall. Furthermore, any move down will likely be a correction.

Should prices turn lower tomorrow, look for initial support at $79.9 and key near-term support at $79.0. Settling below $79.0 will call for a deeper test of support where $77.6 is most important.