WTI Crude Oil Technical Analysis and Short-Term Forecast
WTI rose as called for and settled above the $77.4 smaller than (0.618) target of the wave up from $69.56. This wave now favors a test of its $81.3 equal to (1.00) target. Tomorrow, look for a test of the $79.2 smaller than target of the new wave up from $71.41. Closing above this will call for another attempt to overcome the 62 percent retracement of the decline from $86.68 at $79.7 and then a test of the $80.7 intermediate target (1.382) target of the primary wave up from $68.28.
With that said, the 89 percent retracement of the decline from $79.29 at $78.42 held on a closing basis. The late pullback from $78.47 warns that a test of $77.0 might take place first. This level is expected to hold. Taking out $77.0 will call for a test of key near-term support and the 38 percent retracement of the rise from $71.41 at $75.8. Settling below $75.8 would warn that the move up is failing.
This is a brief analysis for the next day or so. Our weekly Crude Oil Forecast and daily updates are much more detailed and thorough energy price forecasts that cover WTI, Brent, RBOB Gasoline, Diesel, and spreads. If you are interested in learning more, please sign up for a complimentary four-week trial.
