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.

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 rose to test $78.3 as called for but held the 100-day moving average, which is now $78.4. The near-term outlook remains bullish because of a sustained close above crucial resistance at $77.6 for the past couple of days. However, today’s lackluster follow-through after Monday’s rally dampens the odds for a continued rise tomorrow and warns that a test of support might take place first.

Closing above $78.4 will open the way for a test of $79.3 and then $80.0. Settling above $80.0 will call for the 62 percent retracement of the decline from $86.16 at $80.9 to be challenged.

The intra-day wave structure up from $72.48 is also due for a test of support, so this also suggests that a correction might take place before the move up extends. Taking out initial support at $77.1 will call for a test of Monday’s $76.5 midpoint. Falling below $76.5 would call for a test of key near-term support at $75.4. Settling below $75.4 would imply that the move up 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 broke lower out of its recent trading range on Monday and has settled below a bearish decision point at $75.8 for the past two days. The $75.8 objective was the larger than (1.618) target of the waves down from $86.16 and $84.86, the smaller than (0.618) target of the wave down from $83.63, and the 62 percent retracement of the rise from $69.25. The sustained close below the important $75.8 target is bearish for WTI crude oil’s outlook in the coming weeks.

Today’s early move down took out the 78 percent retracement of the rise from $69.25 and equal to (1.00) target of the wave down from $83.63 at $73.0. This level held on a closing basis though. The move down is due for a test of resistance but any move up will likely be a correction. Moreover, the intra-day move up from $72.48 forms a bearish flag. Therefore, the outlook for tomorrow is bearish. Settling below $72.6 will definitively break the $73.0 target and open the way for $72.0, $71.1, and likely another confluent target at $70.4 in the coming days.

The daily RSI and Stochastic are poised to enter oversold territory and the KaseCD and MACD are set up for bullish divergence. The challenge is that there are no bullish patterns or confirmed signals that call for a reversal. Even so, because $73.0 held on a closing basis there is a modest chance for a test of resistance first. Based on current technical factors, resistance at $74.1 will likely hold. Overcoming this would call for a test of key near-term resistance at $75.5. Settling above $75.5 would call for an extended correction to challenge $76.6 and possibly a key level at $77.6.

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 surged higher today, overcoming the $80.11 swing high and the 38 percent retracement of the decline from $86.16 late Monday afternoon. The $80.0 level held on a closing basis, but the post-settlement move above $80.0 implies that a break higher out of the recent trading range is taking place. The $80.11 swing high is also the confirmation point of a double bottom that formed between the $76.36 and $76.15 swing lows. The target for this pattern is $84.0. Today’s rise also confirmed daily bullish KasePO, RSI, and Stochastic divergences.

Tomorrow, look for a test of the 20-day moving average and 50 percent retracement around $81.1. Settling above this will call for a test of the important 62 percent retracement at $82.3. Closing above $82.3 for a few days will imply that the corrective move down from $86.16 is complete and that WTI crude oil is adopting a longer-term bullish outlook again.

Should $80.0 continue to hold on a closing basis and WTI crude oil takes out the 38 percent retracement of the rise from $76.15 and today’s midpoint at $78.7 look for a test of the 62 percent retracement, today’s open, and the 200-day moving average around $77.7. Settling below $77.7 would imply that the move up was an overreaction to external factors. This is doubtful but would put the odds back in favor of WTI crude oil falling below $76.6 to challenge a longer-term bearish decision point at $75.8.

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 tested and held the 38 percent retracement of the decline from $86.16 at $80.1 on Monday. The subsequent pullback from $80.11 challenged the 62 percent retracement of the rise from $76.36 at $77.8 and 100- and 200-day moving averages today. This level also held on a closing basis. Even so, holding $80.1 and pulling back to test $77.8 warns that the move up from $76.36 is a completed correction.

Falling below $78.0 will invalidate the wave up from $77.65 which shows potential to test $79.4 early tomorrow. This will also open the way for a test of the $77.5 smaller than (0.618) target of the wave down from $80.11. Taking out $77.5 will clear the way for a move below the $77.1 intermediate (1.382) targets of the waves down from $86.16 and $84.86 to challenge $76.7 and then a long-term bearish decision point at $75.8.

This is still a tight call for the next few days though. This is because the wave up from $77.65 fulfilled its $78.9 smaller than target. Waves that meet the smaller than target typically extend to at least the equal to (1.00) target, in this case, $79.4. Therefore, there is a good chance for a test of $79.4 first. For the move down to extend as expected, $79.4 should hold. Overcoming $79.4 would call for a test of a highly confluent level and key resistance at $80.1. This is now the smaller than target of the wave up from $76.36, a close above which will shift the near-term odds in favor of WTI crude oil testing $80.9 and then this wave’s $81.4 equal to target in the coming days.

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 still trying to work its way lower and is poised to test the intermediate (1.382) target of the waves down from $86.97 and $85.64 again. Support at $78.0 has held on a closing basis, but the recent waves down from $79.96 favor a test of $77.5 tomorrow. Settling below $77.5 will open the way for tests of $77.0, $76.5, and then a long-term bearish decision point at $76.0. The $76.0 target is most important because it is the larger than (1.618) target of the wave down from $86.97 and the 62 percent retracement of the rise from $69.08. A sustained close below $76.0 would reflect a longer-term bearish shift in sentiment for WTI crude oil.

With that said, support between $77.5 and $78.0 has been resilient. In addition to being a confluent area of wave projections at $77.5, the $78.0 level lines up with the 50 percent retracement of the rise from $69.08 and the 100- and 200-day moving averages. Should this area continue to hold and WTI crude oil rises above $78.5 look for a test of $79.0 and possibly key near-term resistance at $79.6. The $79.6 level is the smaller than (0.618) target of the wave up from $76.89. Settling above this would call for a test of this wave’s $80.8 equal to (1.00), which is also the 38 percent retracement of the decline from $86.97.

WTI Crude Oil Technical Analysis and Short-Term Forecast

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WTI crude oil is trying to work its way lower but is struggling to settle below $78.0 support. This is in line with the 50 percent retracement of the rise from $70.11 and the 100- and 200-day moving averages. Even so, the outlook remains bearish and a close below $77.5, which is the intermediate (1.382) target of the waves down from $86.97 and $85.64, will open the way for $76.5 and then a bearish decision point at $76.0 to be challenged. The $76.0 target is most important because this is the larger than (1.618) target of the wave down from $86.97 and 62 percent retracement of the rise from $70.11. A test of resistance is anticipated before sustaining a close below $76.0. An eventual sustained close below $76.0 would confirm a longer-term bearish shift in sentiment and the outlook for the coming weeks.

With that said, the failure to close below $78.0 for the past few days warns that a test of resistance might take place before reaching $76.0. Any move up will likely be a correction though and is expected to hold key near-term resistance at $80.1. Settling above $80.1 would shift the odds in favor of a larger test of resistance for WTI crude oil before the move down extends.

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 fell to challenge resilient support at the $81.0 target of a confirmed double top that formed around $86.9. The $81.0 target held again, and prices formed a wave up from $80.95 that warns a test of $82.8 might take place first. Even so, the move up will likely be a correction because the waves down from $86.97 and $85.64 have fulfilled their smaller than (0.618) targets. Waves that meet the smaller than target typically extend to at least the equal to (1.00) target, in this case, $79.7 for both waves. Closing below $81.0 will open the way for tests of $80.3 and the $79.7 objective within the next few days.

With that said, WTI crude oil’s pullback from $86.97 may form a bullish flat descending triangle. This is a continuation pattern, a break higher out of which would be confirmed by a close above key near-term resistance at $84.6. Should WTI crude oil overcome $82.8 look for a test of $83.3 and possibly $84.6. Settling above $84.6 would strongly suggest that the corrective pullback from $86.97 is complete and shift the odds in favor of WTI crude oil rising to $$85.1 and higher.