WTI Crude Oil Technical Analysis and Short-Term Forecast
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WTI crude oil traded within Monday’s range today. This suggests that traders are waiting for more information and that prices will possibly consolidate for a few more days. The uptrend is intact, but daily bearish KaseCD, MACD, and RSI divergences confirmed off the $110.93 high warn that a deeper correction might occur first. Furthermore, WTI is poised to test the $100.2 smaller than (0.618) target of the wave down from $110.93. Closing below this will call for an extended correction to challenge this wave’s $95.3 equal (1.00) target before the uptrend extends to a new contract high.
Nevertheless, the equal to target of the wave down from $107.46 at $100.8 and the 78 percent retracement of the rise from $99.11 held this afternoon. Prices have risen from this area and overcame the 21 percent retracement from $107.46. The outlook for tomorrow is tight, and overcoming the 38 percent retracement at $103.5 would call for a test of the 62 percent retracement and the smaller than target of the wave up from $99.11 at $105.3. Overcoming this would call for a push to challenge key near-term resistance and this wave’s equal to target at $108.3. Settling above $108.3 will put the near-term odds back in favor of WTI crude oil rising to $111.1 and higher.
