Crude Oil Price Forecast – June 29, 2021

WTI Crude Oil Technical Analysis and Short-Term Forecast

WTI crude oil fell to challenge $72.0 as called for in Monday’s daily update. However, the subsequent move up from $71.97 has formed a wave that is poised to test $73.9. Rising above this objective early tomorrow will clear the way for a major objective at $75.0. This is the most confluent target on the chart and is a probable stalling point.

With that said, the near-term outlook is tight and there is still a reasonable chance for a deeper test of support before reaching $75.0. Should WTI take out $72.1 before overcoming $73.9 look for a test of $71.2. Closing below $71.2 would confirm the daily bearish candlesticks patterns that formed last week and would shift near-term odds in favor of reaching $70.4 and likely $69.6 during the next few days.

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

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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