WTI Crude Oil Price Forecast

The outlook for WTI crude oil is bullish. There are no reversal patterns or confirmed signals that call for the move up to stall. Therefore, traders will likely continue to buy the dips until the market proves otherwise.

The sustained close above $35.1 for the third straight day is bullish for the near-term outlook. This was the equal to (1.00) target of the primary wave up from $17.27 and in line with the 38 percent retracement of the decline from July’s $62.95 swing high. During the next few days, WTI is expected to work its way to at least $37.9 and likely $39.2 before another major test of support. Closing above $39.2 will clear the way for $40.1 and then $41.8, the latter of which is near the bottom of the March 9 gap down from $41.88.

That said, daily and weekly momentum oscillators are overbought, the wave formation is extended, and a correction is due. As stated in yesterday’s update, the question has become not ‘if’ but ‘when’ WTI will turn lower and correct in a significant manner. Based on the charts, the next likely stalling points are $39.2 and $41.8.

For the interim, look for immediate support at $35.7 and key near-term support at $34.7. Closing below $34.7 will call for $33.9 and possibly $32.8 before the move up continues.

Brent Crude Oil Price Forecast

Brent continues to rally and is poised to reach at least $40.4 and possibly $41.6 before another significant test of support.

Nonetheless, the move up is overbought and due for a correction. The next most likely stalling point is $40.4, but there are no patterns or signals that imply this level will hold.

Should Brent fall below $38.6, look for key near-term support at $37.4. Settling below $37.4 will call for a deeper test of support with thresholds at $36.9 and $36.1, before the move up continues.

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 Price Forecast

The outlook for WTI crude oil is bullish and the move up is poised to reach $35.1. This is a crucial objective because it is the equal to (1.00) target of the primary wave up from $17.27. It is also the equal to target for today’s small intra-day wave up from $33.38. Closing above $35.1 will open the way for $35.9 and then then next major objective of $37.0.

Nevertheless, the move up is due for a correction before rising much higher. Today’s move to a new recovery high of $34.81 negated the bearish KaseCD divergence that was confirmed on Friday. But, Friday’s hanging man is still intact. Also, the daily Stochastic is overbought and the 10-day ADX is falling, which suggests the uptrend is losing strength. Therefore, once $35.1 is met, odds for a test of support will substantially increase.

Any move down will most likely prove to be corrective, but a minimal test of support should drop prices to $31.2. This is the 21 percent retracement of the move up from $17.27 and the 89 percent retracement from $30.72. Should WTI fall below $33.6 before rising to $35.1, look for the connection to $31.2 to be made through $33.1 and $32.3.

Brent Crude Oil Price Forecast

Brent crude oil overcame its $37.17 swing high and stalled at $37.24. Nonetheless, the subsequent move down to $35.83 held the 38 percent retracement of the rise from $33.94. Also, this afternoon’s move up overcame the 62 percent retracement of the decline from $37.24. Therefore, even though Brent is overdue a larger downward correction, near-term odds continue to favor higher prices.

Tomorrow, look for $37.1. A move above this will clear the way for $37.8 and then the next major objective at $38.6.

Should Brent turn lower before overcoming $37.1 again, look for initial support at $36.1. Falling below $36.1 will call for $35.6 and possibly key near-term support at $35.1. Closing below $35.1 will open the way for $34.2 and possibly a much more significant correction as anticipated.

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 Price Forecast

The long-term outlook for WTI crude oil is bullish, and based on technical factors, the move up is still poised to challenge the next major objective at $35.1. However, several daily momentum oscillators are overbought, and today’s evening star setup suggests the move up is nearing exhaustion. The challenge, however, is that on the intra-day chart the evening star forms a bullish pennant. Pennant’s normally break in the direction of the trend, in this case, up. A close above $32.6 will confirm a break higher and clear the way for $33.3, $34.2, and possibly $35.1 during the next few days.

Nevertheless, July WTI’s wave structure up from $17.27 is due for a larger test of support before overcoming $35.1. Also, due to the overbought momentum conditions, this is a case where the bullish coil may fail. Any move down will most likely be corrective and should attract new buyers. Even so, should WTI fall below $31.2, look for $30.8 and possibly $29.9. Closing below $29.9 will open the way for $28.7 and possibly lower before the move up ultimately continues.

Brent Crude Oil Price Forecast

Brent leans a little less bullish than WTI for the near-term, but the overall outlook remains bullish. A move above $35.7 will clear the way for a push toward $36.5 and $37.7 during the next few days.

That said, daily momentum oscillators are overbought, and today’s evening star setup suggests that there is a good chance Brent’s corrective move down from $35.76 will extend first. Support at $33.8 is expected to hold and $32.9 is key. Settling below $32.9 will shift near-term odds in favor of $31.8 and possibly $31.0 before the move up continues.

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 Price Forecast

WTI rallied today but stalled short of the crucial $26.3 objective. The long-term outlook for WTI is bullish, but the move up is still due a larger test of support before rising much higher. In addition, with product prices sliding and a negative near-term outlook for Brent, WTI will be hard-pressed to retain enough upward momentum to overcome $26.3. Therefore, tomorrow’s outlook leans bearish and a test of support is expected.

The move down from $26.23 will most likely prove to be corrective. Nevertheless, a bearish intra-day KasePO divergence and the wave down from $26.23 call for a test of $25.0 and likely $24.2 tomorrow. For the move up to extend toward $26.3 and higher again during the next few days $24.2 must hold. Closing below this will call for $22.5 and possibly $21.0.

Should WTI rally again and overcome $26.3 early tomorrow, look for prices to push for $27.3, $28.4, and eventually the next major objective of $29.1.

Brent Crude Oil Price Forecast

Not much changed for Brent today. The overall outlook is bullish, but Brent broke lower out of a coil yesterday and the wave formation down from $32.27 calls for a test of $28.7 and possibly $27.7 before the move up continues. The $27.7 objective is expected to hold. Nevertheless, a close below this would call for $26.8 and possibly $26.1.

Once $28.7 is met, odds for another test of resistance will increase. Rising above $30.8 will clear the way for $31.5 and then key near-term resistance at $32.1. Settling above $32.1 will put odds firmly back in favor of a continued rise toward the next major objective at $33.4.

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 Price Forecast

WTI crude oil has adopted a firm bullish outlook for the near-term. Today’s close above $21.8, the equal to (1.00) target of the primary wave up from $6.50), and $24.5, the smaller than (0.618) target of the sub-wave up from $10.07, opens the way for $26.5 and possibly $29.3 during the next few days. Because $29.3 is the larger than (1.618) target of the wave up from $6.50 it is doubtful that WTI will overcome this objective without a major test of support first.

WTI is looking healthy. However, for the move up to continue, or for prices to at least stabilize in the coming weeks, it will be crucial for support around the 38 percent retracement of the move up from $6.50 to hold firm. Breaking the 38 percent retracement would be a significant clue that the market is not ready to sustain higher prices and that fear still has a firm grip on oil traders.

For now, support at $23.0 will most likely hold as prices rise toward $26.5. This was the 62 percent retracement of the decline from $33.15 and is near today’s midpoint. Falling below this would call for $21.7 and possibly $19.2. The latter of these is most important because a close below $19.2 would imply that the move down is more than a simple profit-taking correction.

Brent Crude Oil Price Forecast

The outlook for Brent crude oil is firmly bullish for the near-term. The wave formation up from $19.99 overcame its intermediate (1.382) target today and is poised to reach the $33.4 larger than (1.618) target. This is a potential stalling point. However, any move down will most likely prove to be corrective and is expected to hold $28.6. Ultimately, closing above $33.4 will clear the way for $34.4 and higher.

As stated, $28.6 is expected to hold, but key support and the barrier for a bearish near-term outlook is $26.9.

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 Price Forecast

WTI crude oil held crucial support at $11.0 on a closing basis and formed a bullish hammer today. Sentiment remains firmly bearish, but today’s prices action suggests a test of $15.0 will probably take place before prices fall below $10.0. Closing above $15.0 will complete the hammer and clear the way for a test of the pattern’s $16.7 confirmation point. Key resistance and the barrier for a more positive outlook is $17.5, the smaller than (0.618) target of the primary wave up from $6.50. Closing above this would call for WTI to rise toward $21.8.

Without help from bullish external factors, the move up from $10.07 will likely prove to be corrective. Should WTI close below $11.0 before overcoming $15.0, near-term odds will shift back in favor of $9.9, $8.6, and possibly lower.

Brent Crude Oil Price Forecast

Brent’s held the 62 percent retracement of the move up from $19.99 on a closing basis. In addition, today’s formation of a bullish morning star setup suggest prices will rise to at least $24.0 before the move down continues. Closing above $24.0 will complete the morning star and call for crucial resistance and the pattern’s confirmation point at $24.9. Above this, the barrier for a more positive outlook is $26.2, the smaller than (0.618) target of the wave up from $19.99.

Like WTI, Brent will need help from external factors to overcome $24.9 and eventually $26.2. Sentiment remains bearish, so this will likely prove to be difficult. Should Brent close below $21.7, look for the move down to extend to $20.8 and then $19.9 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.

WTI Crude Oil Price Forecast

It has been an unusual few days for WTI crude oil. Negative prompt month May prices on April 20 increased bearish sentiment and weighed heavily on June WTI crude oil today. There are no reversal patterns that indicate the move down has ended. There is a modest chance that today’s accelerated move down will form a spike bottom. Even so, there is no technical or fundamental reason to expect a miraculous recovery in the coming days and even weeks. At a minimum, a larger test of resistance is expected before prices fall any lower.

June is now the prompt month contract and fell $6.50 before stalling. The decline took out the $11.7 and $8.1 targets mentioned briefly in yesterday’s update. The $8.1 objective was the larger than (1.618) target of the primary wave down from $37.15 and held on a closing basis. This suggests that this afternoon’s move up from $6.50 is a three-wave correction that will extend to at least $15.3 and likely $18.2 during the next few days. Closing above $18.2 will clear the way for $19.8 and possibly $23.0.

Volatility is expected to remain high for the next few days as the market sorts itself out. Expect to see violent and fast swings, initially up and then likely down. The caveat is that should a spike bottom form prices will surge higher tomorrow. Closing above $23.0 is unlikely but would suggest this is the case.

Immediate support is $11.0 and key support for the near-term is $9.4. Closing below $9.4 will call for $7.4 and then a new low of at least $4.5.

Brent Crude Oil Price Forecast

Brent fell as expected but the move down accelerated and reached a low of $17.51. The subsequent move up looks to be forming a three-wave correction that met its smaller than (0.618) target this afternoon. Therefore, near-term odds favor a test of at least $21.3 and even $23.0 tomorrow. Settling above $23.0 would clear the way for a larger correction to $23.9 and possibly $25.9.

Support at $18.3 must hold for the move up to extend to $21.3 and higher tomorrow. Falling below $21.3 would invalidate the wave up from $17.51 that projects to the higher targets. This would also open the way for $17.1 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.

WTI Crude Oil Price Forecast

WTI crude oil briefly fell below $20.0 but held that psychologically important target on a closing basis. Support around $20.0 was stubborn and before the rise to $29.13 just over a week ago. The outlook remains bearish and prices are poised to challenge $19.6 and lower. Yet, given the recent strength of support around $20.0 a larger test of resistance will probably take place first.

Resistance at $21.7 is expected to hold and $23.0 is key for the near-term. Settling above $23.0 would call for a larger upward correction to $24.2 and possibly higher. This would also suggest that prices may be settling into a short-term trading range before falling to challenge the next major targets below $20.0.

Brent Crude Oil Price Forecast

Brent’s outlook remains bearish and the move down is poised to reach at least $28.9 tomorrow. This is a highly confluent wave projection that is in line with the 62 percent retracement of the rise from $24.52. Therefore, an upward correction is expected before Brent closes below $28.9 and falls to $28.0 and lower.

As Brent falls toward $28.9, resistance at $30.9 is expected to hold. Key resistance for the near-term is $32.0. Settling above this would call for a larger upward correction to $32.8 and possibly $33.8. The $33.8 level is most important because a close above this would imply that near-term odds are shifting back in favor of a larger move up in the coming days and weeks.

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

The near-term outlook for WTI crude oil leans negative. Today’s long upper shadow and close below $50.0 does not bode well for bulls. Even so, major support at $49.3, the smaller than (0.618) target of the primary wave down from $71.83 has held so far. Therefore, there is still a reasonable chance for a larger upward correction before falling to a new low.

The intra-day waves down from $52.2 met targets at the $49.42 swing low that connect to $48.7 and lower. In addition, the small waves down from $50.69 call for another test of $49.3. There is immediate support at $49.6 but $49.3 is key. A close below $49.3 will be long-term bearish and open the way for the next leg lower.

This is a tight call for the near-term though due to the importance of $49.3. Oversold daily and weekly momentum and intra-day Kase StatWare buy signals suggest the upward correction might extend first. Overcoming $50.6 early tomorrow will increase odds for key near-term resistance at $51.2. Closing above $51.2 would call for a larger test of resistance at $51.9 and possibly $52.2 during the next few days.

Brent Crude Oil

The outlook for Brent remains negative but a daily bullish Harami pattern, daily RSI divergence, and the wave formation up from $53.11 imply that a larger upward correction might unfold before prices fall to a new low.

Nevertheless, while $54.9 resistance holds the small wave formation down from $54.69 favors $53.7, which then connects to $53.2 and lower. Should Brent overcome $54.9, look for a test of key near-term resistance at $55.5. Settling above this would clear the way for $56.0 and higher during the next few days.

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.