Crude Oil Price Forecast – June 18, 2024

WTI Crude Oil Technical Analysis and Short-Term Forecast

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WTI crude oil overcame the $80.11 swing high and settled above the 62 percent retracement of the decline from $85.27. The daily Kase Trend indicator is bullish, the 10-day DMI and ADX reflect increasing bullish sentiment, and prices are trading above all major daily moving averages. These factors confirm a bullish reversal and trend.

The move up is now poised to test the $81.4 smaller than (0.618) target of the largest wave up from $72.44. Closing above this will call for a longer-term bullish decision point at $82.4, which is the smaller than target of the wave up from $69.22, to be challenged.

The move up is due for a correction. Overbought daily KaseCD and Stochastic oscillators warn that such a move might take place soon. Even so, there are no bearish patterns or confirmed signals that call for the move up to stall. Furthermore, any move down will likely be a correction.

Should prices turn lower tomorrow, look for initial support at $79.9 and key near-term support at $79.0. Settling below $79.0 will call for a deeper test of support where $77.6 is most important.

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.