Crude Oil Price Forecast – February 13, 2024

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.

Crude Oil Daily Chart
WTI Crude Oil – Daily Chart

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.

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Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.