WTI Crude Oil Short-Term Forecast – November 7, 2017
The long-term outlook for WTI crude oil remains bullish and any move down will most likely be corrective. However, the move up has reached an area of significant resistance between $57.2 and $60.0 for the December contract. Many of the largest waves up from this summer’s $43.08 swing low project to targets within this range. … Continue reading WTI Crude Oil Short-Term Forecast – November 7, 2017
Natural Gas Short-Term Forecast – November 1, 2017
December natural gas fulfilled the equal to (1.00) target of the wave $3.353 – 3.013 – 3.198 when it fell to $2.847 today. Aside from a few brief declines to targets around $2.75, support around $2.86 has been troublesome on the continuation chart since late June. Technical factors indicate this may prove to be strong … Continue reading Natural Gas Short-Term Forecast – November 1, 2017
WTI Crude Oil Short-Term Forecast – October 31, 2017
December WTI crude oil had a legitimate chance for the corrective move down from $54.46 to extend today after setting up a daily evening star and intraday head and shoulders formation. However, support held, and prices rose at the end of the day, settling above the key $54.2 target and opening the way for $55.0 … Continue reading WTI Crude Oil Short-Term Forecast – October 31, 2017
Natural Gas Short-Term Forecast – October 18, 2017
November natural gas met support at $2.85, the intermediate (1.382) target of the wave $3.036 – 2.908 – 3.026. This wave is now in position to extend to its $2.81 larger than (1.618) target. This is an important objective because it is also the smaller than (0.618) target of the waves $3.214 – 2.827 – … Continue reading Natural Gas Short-Term Forecast – October 18, 2017
WTI Crude Oil Short-Term Forecast – October 17, 2017
WTI crude oil met support at $51.3 before stalling at $51.21. The move down has been choppy and forms a bullish wedge on the $0.35 Kase Bar chart. The move up from $51.21 was aggressive and is poised to break higher out of the wedge and challenge key resistance at $52.5 again tomorrow. A close … Continue reading WTI Crude Oil Short-Term Forecast – October 17, 2017
WTI Crude Oil Short-Term Forecast – October 11, 2017
Many near-term factors are positive for WTI crude oil. Tuesday’s move up confirmed a daily morning star, today’s move settled above the $51.22 swing high, and last week’s $50.5 midpoint has been overcome. These factors call for the move up to continue, but caution is warranted. WTI met and held the exact 62 percent retracement … Continue reading WTI Crude Oil Short-Term Forecast – October 11, 2017
Natural Gas Short-Term Forecast – October 11, 2017
November natural gas overcame $2.94 but could not settle above this highly confluent threshold. The pullback from $2.962 formed a long upper shadow on the daily chart. Patterns like this that have formed during the past few weeks have been early warnings that the corrective moves up have stalled. This is probably the case again, … Continue reading Natural Gas Short-Term Forecast – October 11, 2017
Natural Gas Short-Term Forecast – October 4, 2017
November natural gas’ initial rise to $2.977 overcame Monday’s $2.967 midpoint. However, prices could not close above that level and the subsequent decline has already retraced 50 percent of the move up from $2.88. The candlestick’s long upper shadow indicates today’s move up was most likely a failed attempt to overcome resistance. Therefore, odds still … Continue reading Natural Gas Short-Term Forecast – October 4, 2017
Crude Oil Forecast: WTI Challenges 62% Retracement
November WTI crude oil met the 62 percent retracement of November’s decline from the 2017 $58.37 swing high to $42.8 at $52.42 when it rose to $52.43 early this morning. This is major resistance because it is also a confluent wave projection. Settling above $52.6, the upper end of the confluence range around $52.42, would … Continue reading Crude Oil Forecast: WTI Challenges 62% Retracement
Natural Gas Forecast: Corrective Pullback
October natural gas’ settle below Monday’s $3.098 midpoint opens the way for a larger correction to at least $3.06. The move down is most likely corrective. However, for the move up to continue over the next few days $3.06 needs to hold. A close below this would not doom the move up but rather indicate … Continue reading Natural Gas Forecast: Corrective Pullback
