Crude Oil Price Forecast – May 21, 2024
WTI crude oil held major resistance at $80.1 Monday and then fell to test confluent support around $77.7 today. This is tight call for the near term and a test of $79.4 will probably take place early tomorrow. Even so, $79.4 should hold as the near-term outlook continues to lean bearish.
Copper Price Forecast – May 16, 2024
LME copper settled just below a key objective at $10478. This is a probable stalling point, and the post-settlement move down warns that a test of $10304 and possibly lower might take place before copper attempts to overcome $10478.
Natural Gas Price Forecast – May 15, 2024
Natural gas settled above the $2.38 target of a rectangle pattern and the last major swing high of $2.392 today. The move up is now poised to challenge targets around the psychologically and historically important $2.50 level in the coming days.
Crude Oil Price Forecast – May 14, 2024
WTI crude oil is poised to test major support at $77.5 again. Settling below this will open the way for a bearish decision point at $76.0 to be challenged within the next few days.
Crude Oil Price Forecast – May 7, 2024
WTI crude oil is still poised to decline and closing below $77.5 will call for a test of a long-term bearish decision point at $76.0 in the coming days. A solid test of resistance is anticipated before sustaining a close below $76.0.
Natural Gas Price Forecast – May 1, 2024
June natural gas is poised to break lower out of a rectangle pattern by falling to $1.86. Settling below this will confirm a breakout and open the way for $1.84 and likely $1.78.
Crude Oil Price Forecast – April 30, 2024
WTI crude oil tested and held resilient support at $81.0 again today. Even so, the wave formation down from $86.97 favors a test of $79.7. Therefore, the near-term outlook is bearish.
Nonetheless, the decline from $86.97 may form a bullish flat descending triangle. Therefore, caution is warranted.
Gold Price Forecast – April 24, 2024
Gold is still positioned to fall to $2301 and then $2283 in the coming days. However, today’s early rise to challenge $2350 warns that a test of $2366 and possibly key resistance at $2400 might take place instead.
Natural Gas Price Forecast – April 24, 2024
June natural gas is poised to test, and will likely break, the lower threshold of a trading range at $1.92 tomorrow. This will open the way for $1.84 and possibly $1.78 in the coming days.
Crude Oil Price Forecast – April 23, 2024
WTI crude oil has held well established support at $81.0 for the past few days. Today’s rise warns that the corrective move down from $86.97 is complete. Tomorrow, look for a test of at least $84.0 and likely a key target at $84.7.
