Crude Oil Price Forecast – July 2, 2024

WTI Crude Oil Technical Analysis and Short-Term Forecast

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.

WTI crude oil settled above the $82.4 smaller than (0.618) target of the primary wave up from $69.22 on Monday. This was bullish for the outlook in the coming weeks because this wave now favors an eventual test of its $88.5 equal to (1.00) target. Furthermore, prior major swing high have been overcome, prices are trading above all major daily moving averages, and daily trend indicators are bullish.

The near-term outlook is also bullish but today’s shooting star warns that a test of support might take place first. The daily Stochastic is overbought and the KaseCD and MACD are set up for daily bearish divergence. Therefore, caution is warranted and the near-term odds for a continued rise have been dampened.

Closing above the $83.9 equal to (1.00) target of the wave up from $72.44 will call for a test of the $84.7 equal to target of the wave up from $77.35. This then connects to the next major objective and confluence point at $86.4.

Any further move down will likely be a correction. Nonetheless, closing below $82.4 will complete the shooting star and settling below $81.5 will confirm the reversal pattern. Settling below $81.5 is doubtful based on the current intra-day wave down from $84.38 though. Such a move would put the near-term odds in favor of testing $80.5 and then the 38 percent retracement of the rise from $72.44 at $79.8.

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.