Crude Oil Price Forecast – July 13, 2021

WTI Crude Oil Technical Analysis and Short-Term Forecast

WTI crude oil rose as called for in yesterday’s daily update. WTI settled above the 62 percent retracement of the decline from $76.98 and overcame the $75.36 smaller than (0.618) target of the compound wave up from $69.54. These factors imply that the move down is complete. There is an immediate target at $75.7, a move above which will call for $76.3 and likely $77.3 during the next few days. Settling above $77.3 will clear the way for $78.2 and higher.

WTI Crude Oil - $0.50 Kase Bar Chart
WTI Crude Oil – $0.50 Kase Bar Chart

The $75.7 target is relatively confluent and could prove to be a temporary stalling point. A pullback before overcoming $75.7 will likely be a short-lived correction and should hold $73.7. Key support and the barrier to a bearish outlook during the next few days is $72.5. Settling below this will shift near-term odds in favor of $71.6, which then connects to $69.2 and lower.

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.

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.

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