Crude Oil Price Forecast – March 20, 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’s move up has been due for a correction. Today’s close below Monday’s midpoint and the 21 percent retracement of the rise from $76.43 and the confirmation of a daily bearish MACD divergence indicates such a move is underway. Tomorrow, look for a test of $80.6. This is Monday’s open and the 38 percent retracement of the rise from $76.43. Settling below $80.6 will clear the way for a deeper test of support with important targets at $80.1 and $79.0.

With that said, the move down is likely a correction. Should WTI rally again and close back above $82.2 there is a good chance that the corrective move down is complete. Closing above $83.1, the 89 percent retracement of the decline from $84.87, will confirm this is the case and put near-term odds back in favor of WTI crude oil reaching $83.7 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.