WTI Crude Oil Update

Tag: Price Forecasting

The outlook for WTI Crude Oil is negative, but prices met crucial support at $63.4. This is a confluent wave projection for the January contract, and more importantly, is the 62 percent retracement from the perpetual low of $32.4 to $114.83. In addition, the KaseCD is oversold on the monthly chart. The importance of $63.4 indicates it is a potential stalling point, but there is little technical evidence so far to definitively call for a bottom. A sustained close below $63.4 will call for $49.7. Key near term resistance is $73.3.

For more detailed energy forecasts please take a trial of the Energy Price Forecasts.

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The HOCL crack spread has narrowed after forming a double top at $27.26. A close below the $18.887 swing low would confirm the pattern. KaseX also indicates the spread should narrow. However, the move may be corrective. Crucial support at $22.38 is the 62 percent retracement from $18.887 and the 38 percent retracement from $14.987. A close below $22.38 would call for $19.5; the last level protecting $18.887. Resistance at $25.6 is key. A sustained close over this would open the way for $31.14 and higher.

Please click the links for more information about KaseX and our energy forecasts.

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Kase’s senior analyst Dean Rogers reviews trade setups and price forecasts for e-mini S&P 500, crude oil, natural gas, AAPL, and VIPS using Kase Outlook, Kase StatWare, and KaseX.

http://youtu.be/pLCujMm5-WE

The WTI-Brent spread narrowed last week, but the move looks corrective. The spread will likely oscillate for the near-term, but ultimately odds favor a widening spread. The first target is (5.00), and a close below this would call for (6.50) and (9.00). Key long-term support is (11.80). This is a confluent wave projection and the 62 percent retracement from (19.38) to (0.01). Resistance at (0.90) should hold. A sustained close over (0.90) would open the way for 1.30 and 2.90.

For more information and to take a trial of Kase’s weekly energy forecasts please visit the Energy Price Forecasts page.

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This is the fourth of a four part series on Kase Wave Analysis. In this video Kase’s senior analyst, Dean Rogers, shows how the Kase Wave Analysis can be combined with other technical factors and indicators to make trading decisions.

http://youtu.be/3JcHjdr2QWM

This is the third of a four part series on Kase Wave Analysis. In this video Kase’s senior analyst, Dean Rogers, demonstrates how to identify confluent support and resistance levels using Fibonacci wave projections. This is “where the rubber meets the road” with Kase Wave Analysis. Upon completion of this session you will be able to identify the key support and resistance levels using Kase Wave analysis.

Identify and remove wave projections that have been met by using swing highs and lows
Calculate True Range and determine an appropriate cluster size for confluence points
Demonstrate the ability to cluster wave projections into confluence points
Explain which support and resistance targets are the most crucial based upon confluence

http://youtu.be/aEQsFj-DRJ8

December RBOB futures met confluent support at $2.0776, and prices have subsequently settled into a coil formation that should break lower. However, a KasePO PeakOut (green P), indicates the move down is oversold and due for a correction. A directional break out of the coil will help to clarify the near term direction. Upon a break lower, look for $2.041 and then $1.915. Should the upward correction extend, watch for resistance at $2.240 and $2.368. The latter is expected to hold.

For more information and to take a trial of Kase’s weekly energy forecasts please visit the Energy Price Forecasts page.

XBZ4 Comdty



The Kase Commentaries on Crude Oil and on Natural Gas provide highly accurate weekly near term market outlooks. Kase’s analysis has proven to be remarkably accurate in identifying critical market turning points and probable market behavior.nnThe Commentary is highly technical, but interactive, so readers can click on unique words and phrases for definition to help them better understand the analysis. This is a great stand-alone product, but also works well as a companion product for Kase StatWare, KaseX or any of Kase’s Hedging Models.nnKase offers a free trial period for the Commentary so contact us today!

http://youtu.be/f8QZuOqZF5g