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.
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.
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