Crude Oil Forecast: WTI Poised to Challenge $50.0
October WTI crude oil could not settle above $49.2 resistance and is exhibiting signs of exhaustion. A pullback should take place soon, but at this point, there are no definitive technical factors that indicate the move up will stall before reaching $49.6 and possibly $50.0. A close over $50.0 would open the way for another … Continue reading Crude Oil Forecast: WTI Poised to Challenge $50.0
Natural Gas Forecast: Oscillating Within Bullish Flag
October natural gas looks to be well balanced as it continues to oscillate in a range between nominally $2.88 and $3.03. The range forms a bullish flag after holding support at $2.88 on Monday. However, today’s early move up stalled before it could overcome the $2.998 swing high and challenge the flag’s $3.03 upper trend … Continue reading Natural Gas Forecast: Oscillating Within Bullish Flag
Crude Oil Forecast: Crucial Support at $45.6
October WTI crude oil continues to work its way toward crucial support at $45.6. Most importantly, this is the 62 percent retracement of the move up from $42.52 to $50.51. It is also a confluent projection for the waves down from $48.91, $48.5, and $48.2. A move below initial support at $46.1 will clear the … Continue reading Crude Oil Forecast: Crucial Support at $45.6
Crude Oil Forecast: Head and Shoulders Calls for Lower Prices
WTI crude oil fell sharply last Thursday after OPEC and other major producers announced an extension to production cuts through March 2018. This was expected by most, and according to media, the decline was due to disappointment that production cuts were not deeper, which many had hoped for. U.S. shale production remains a concern, though … Continue reading Crude Oil Forecast: Head and Shoulders Calls for Lower Prices
Crude Oil Forecast: July WTI Poised for $52.5
WTI crude oil continues to rise ahead of May 25’s OPEC meeting. Market participants are optimistic that OPEC will extend production cuts through the end of 2017. Many hope this will help to ease the global supply glut. U.S. production remains a concern, but for now, oil prices are poised to rise. Most technical factors … Continue reading Crude Oil Forecast: July WTI Poised for $52.5
Crude Oil Forecast: Corrective Move Up Stalls
Last Wednesday, June WTI broke higher out of the intraday bullish flag discussed in the crude oil forecast. The subsequent move up overcame the 0.618 and 1.00 projections of the wave $43.76 – 46.98 – 45.53. However, June stalled at $49.66 before meeting key resistance at $50.1. This is the confluence point between the 1.382 … Continue reading Crude Oil Forecast: Corrective Move Up Stalls
Crude Oil Forecast: WTI Forms Intra-Day Bullish Flag
The long-term outlook for WTI crude oil remains negative and it is too soon to state that a bottom has been made. However, last Friday, June WTI met major support at $43.76, the 1.00 projection of the wave $57.95 – 47.58 – 54.14 (exact projection was $43.77). This was also in the realm of the … Continue reading Crude Oil Forecast: WTI Forms Intra-Day Bullish Flag
Crude Oil Forecast: WTI’s Corrective Decline Poised to Extend
On Tuesday, crude oil prices continued to slip lower. Technical factors indicate June WTI’s corrective decline from $54.14 is poised to extend to at least $52.2. This is the 1.618 projection of the wave $54.14 – 53.14 – 53.8 and the 50-day moving average. A close below $52.2 would call for key near-term support at … Continue reading Crude Oil Forecast: WTI’s Corrective Decline Poised to Extend
Natural Gas Forecast: Prices Grind Lower After Gaping Down
As of December 9, natural gas had risen for the fourth straight week to the highest level in two years. Reports indicate the surge was due to colder than average temperatures in recent weeks. However, on December 12, January natural gas gapped down after the move up stalled at $3.777. The gap may be an … Continue reading Natural Gas Forecast: Prices Grind Lower After Gaping Down
Crude Oil Forecast: Major Resistance at $54.5
Early Monday, crude oil prices were bolstered again after an announcement made by non-OPEC producers to cut 558,000 barrels per day. This comes after a commitment by OPEC to cut 1.2 million barrels per day. Reports indicate that such cuts will help to rebalance supply and demand by the first half of 2017. However, many … Continue reading Crude Oil Forecast: Major Resistance at $54.5
