Crude Oil Price Forecast – March 12, 2024

WTI Crude Oil Technical Analysis and Short-Term Forecast

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WTI crude oil tested and held the $77.3 equal to (1.00) target of the primary wave down $80.85 on a closing basis again today. The $77.3 objective is also the equal to target of the wave down from $80.67 and the 38 percent retracement of the rise from $71.49. This has become an important target because closing below $77.3 would imply that the move down from $80.85 is more than a simple correction. Near-term odds still favor such a move, which will open the way for a test of the $76.2 intermediate (1.382) and possibly the $75.4 larger than (1.618) targets of the wave down from $80.85 in the coming days.

Nevertheless, another daily long-legged doji reflects uncertainty and warns that the corrective pullback from $80.85 might be complete. Settling above $79.3, the equal to target of the wave up from $76.79 and 62 percent retracement of the decline from $80.85, would strongly suggest this is the case. Closing above $79.9, the smaller than (0.618) target of the wave up from $75.84 and intermediate target of the wave up from $76.79, would confirm this is the case and put near-term odds in favor of $80.4 and higher.

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.