WTI Crude Oil Technical Analysis and Short-Term Forecast
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WTI crude oil confirmed Monday’s dark cloud cover and settled below the 50 percent retracement of the rise from $64.0 and the 200-day moving average. This was bearish for the near-term outlook, and a test of $66.0 is expected. Settling below this will take out the 62 percent retracement from $64.0 and warn that the recent move up is a completed correction of the decline from $78.4.
That said, the 62 percent retracement of the rise from $64.0 at $66.2 was tested and held. Moreover, today’s doji reflects uncertainty. Overcoming the 38 percent retracement of the decline from $69.65 at $67.5 will call for a test of the 62 percent retracement at $68.3. Closing above this will call for another attempt to settle above key near-term resistance and the 38 percent retracement of the decline from $78.4 at $69.5.
