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
Crude Oil Forecast: Crucial Resistance at $51.3
WTI crude oil has formed strong resistance between $50.82 and $50.88. This level has been challenged three times over the past few days and held. One might argue that this is a triple top. However, the decline from $50.88 has been extremely shallow and choppy indicating it is most likely corrective. This afternoon’s move up … Continue reading Crude Oil Forecast: Crucial Resistance at $51.3
Natural Gas Forecast: October Looking for $3.12
October natural gas settled above $3.03 and fulfilled the $3.06 target. The next objective is $3.09, the equal to (1.00) target of the wave $2.88 – 3.088 – 2.885. The key objective is $3.12, the smaller than (0.618) target of the wave $2.799 – 3.042 – 2.88. This has been strong resistance all summer for … Continue reading Natural Gas Forecast: October Looking for $3.12
Crude Oil Forecast: Bullish Ascending Triangle
WTI crude oil still looks weaker than Brent and products after forming a star today and settling below Friday’s $48.28 midpoint. However, prices are poised to break higher out of a bullish ascending triangle and should meet the smaller than (0.618) target of the wave $47.0 – 48.44 – 47.84 at $48.7. A close above … Continue reading Crude Oil Forecast: Bullish Ascending Triangle
Natural Gas Forecast: A Dose of Reality
Yesterday’s decline was a dose of reality that has set natural gas back into a state of uncertainty. With all factors considered, October natural gas will most likely settle back into a neutral trading range between nominally $2.91 and $3.04. This is about the same range prices oscillated within before last Thursday’s break high out … Continue reading Natural Gas Forecast: A Dose of Reality
