WTI Crude Oil Technical Analysis and Short-Term Forecast
WTI crude oil rose as called for in yesterday’s daily update. WTI settled above the 62 percent retracement of the decline from $76.98 and overcame the $75.36 smaller than (0.618) target of the compound wave up from $69.54. These factors imply that the move down is complete. There is an immediate target at $75.7, a move above which will call for $76.3 and likely $77.3 during the next few days. Settling above $77.3 will clear the way for $78.2 and higher.
The $75.7 target is relatively confluent and could prove to be a temporary stalling point. A pullback before overcoming $75.7 will likely be a short-lived correction and should hold $73.7. Key support and the barrier to a bearish outlook during the next few days is $72.5. Settling below this will shift near-term odds in favor of $71.6, which then connects to $69.2 and lower.
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.
