WTI Crude Oil Technical Analysis and Short-Term Forecast
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WTI crude oil rose a bit higher today as called for in Monday’s update. The move up is still poised to rise because the primary wave up from $54.67 favors a test of its $66.2 equal to (1.00) target in the coming days. Settling above the $64.4 smaller than (0.618) target of the wave up from $59.87 will call for $65.1, which then makes the connection to $66.2. A solid test of support is anticipated once the $66.2 objective is fulfilled.
That said, the June contract is struggling to settle above the 38 percent retracement of the decline from the $79.22 contract high at $64.1. A bearish KasePO divergence on the $0.50 Kase Bar chart also warns that a test of $62.5 might occur first. This level is expected to hold. Taking out $62.5 would call for a test of key near-term support and the 38 percent retracement of the rise from $54.67 at $60.7.
