WTI Crude Oil Technical Analysis and Short-Term Forecast

The outlook for WTI crude oil remains bullish. The move up is somewhat exhausted though and is struggling to definitively overcome the 62 percent retracement of the decline from $76.07 at $71.9. Even so, rising above $72.2 before falling much lower will clear the way for $72.9 and likely $73.8 and higher in the coming days.

With that said, three daily dojis, one of which is a hanging man, and the wave formation down from $72.43 suggest a test of at least $70.4 and possibly $69.6 will probably take place first. Closing below $69.6 is doubtful but would shift near-term odds in favor of a deeper test of support where $67.8 is the barrier to a firmer bearish outlook.

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 Technical Analysis and Short-Term Forecast

The outlook for WTI crude oil remains bearish based on the aggressive decline from $76.07. However, the move down stalled just below the $65.2 larger than (1.618) target of the primary wave down from $76.07 today. Currently, the decline looks like a three-wave correction, but there is a good chance that resistance at $69.0 will hold and the decline could transmute into a five-wave trend that targets $59.5 and possibly $58.4. Such a deep test of support is unlikely without more bearish help from external factors. Nonetheless, falling below $66.0 will call for a test of $65.3 and likely $64.1 during the next few days. Settling below $64.1 would imply that the move down is a five-wave trend and increase odds for a test of targets below $60.0.

With that said, today’s move up from $65.01 helped shape a daily bullish hammer. This is a reversal pattern that warns the corrective move down might already be complete. To complete the hammer WTI must close above $69.0. The connection to $69.0 is made through $68.1, which is the smaller than (0.618) target of the intra-day wave up from $65.01. Settling above $69.0 would then call for a test of the hammer’s $71.1 confirmation point. Closing above this would strongly suggest the move down is complete and call for $71.9 and higher.

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 Technical Analysis and Short-Term Forecast

WTI crude oil rose as called for in yesterday’s daily update. WTI settled above the 62 percent retracement of the decline from $76.98 and overcame the $75.36 smaller than (0.618) target of the compound wave up from $69.54. These factors imply that the move down is complete. There is an immediate target at $75.7, a move above which will call for $76.3 and likely $77.3 during the next few days. Settling above $77.3 will clear the way for $78.2 and higher.

The $75.7 target is relatively confluent and could prove to be a temporary stalling point. A pullback before overcoming $75.7 will likely be a short-lived correction and should hold $73.7. Key support and the barrier to a bearish outlook during the next few days is $72.5. Settling below this will shift near-term odds in favor of $71.6, which then connects to $69.2 and lower.

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 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.

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 Technical Analysis and Short-Term Forecast

WTI crude oil is still poised to reach at least $73.7 and ultimately the next major objective at $75.0. However, today’s bearish doji warns that a test of support will probably take place first. Moreover, Kase StatWare formed a bearish KasePO (momentum) divergence and a short warning signal on a $0.35 Kase Bar chart. Support at $72.1 will likely hold and $71.2 is key support for the near term. Closing below $71.2 will confirm the bearish doji and shift near-term odds in favor of $70.6 and likely a test of $69.8 before the move up continues.

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 Technical Analysis and Short-Term Forecast

WTI crude oil fell to challenge support at $68.7 as expected before rallying above the psychologically important $70.0 level. Prices settled just above $70.0 and are rising in post-settlement trading hours. There is immediate an immediate target at $70.4, but the move up is poised to reach $71.2 during the next day or so.

The $71.2 target is a highly confluent objective and potential stalling point for WTI. However, there is no technical evidence that calls for a major reversal. Therefore, any move down will most likely prove to be corrective. Initial support is $69.3 and key near-term support is $68.3. Settling below $68.3 would call for a deeper test of support before the uptrend continues.

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 Technical Analysis and Short-Term Forecast

WTI crude oil rallied as expected after the holiday weekend. The move up briefly overcame an area of high confluence centered around $68.3 but stalled at $68.87. The subsequent pullback suggests a test of support might take place early tomorrow, but near-term odds favor a continued rise. Support at $66.7 is expected to hold and a move back above $68.3 will clear the way for the next major objective at $69.7 during the next few days.

Nevertheless, should WTI take out $66.7, look for a test of $65.4 and possibly $64.4. The $64.4 level is key for the near-term outlook because it is in line with the 38 percent retracement of the rise from $57.18 and the 62 percent retracement from $61.56. Closing above this would shift near-term odds in favor of a more significant test of support before the move up continues.

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 Technical Analysis and Short-Term Forecast

The near-term outlook for WTI crude oil is bullish due to the sustained close above the 62 percent retracement of the decline from $67.02 and the $65.56 smaller than (0.618) target of the compound wave up from $60.55. This wave calls for a test of $68.1, the connection to which is made through $67.4. Closing above $67.4 would also indicate that WTI has definitively overcome $67.0, which has been strong resistance for several weeks.

Nevertheless, today’s formation of a bearish doji dampens odds for reaching $67.4 and $68.1 tomorrow. This pattern also suggests a test of $64.8 might take place first. This level is expected to hold. Closing below $64.8 would complete the doji and call for a test of key near-term support at $63.3. This is in line with the 62 percent retracement of the rise from $67.02 and the smaller than target of the wave down from that same swing high. Closing below $63.3 is doubtful but would call for a deeper test of support before the move up continues.

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 Technical Analysis and Short-Term Forecast

WTI crude oil rose to $67.0 as called for today and negated the double and triple top patterns that formed around $66.65. Today’s move also fulfilled the $67.0 smaller than (0.618) target of the subwave up from $60.55. This and other subwaves up from $57.18 now call for an extension to at least $68.1 during the next few days. The connection to $68.1 is made through the $66.6 smaller than target of the wave up from $63.12, which projects to $68.1 as the equal to target.

Nevertheless, today’s pullback suggests the move up will remain a grind. Choppy trading conditions and wide swings are anticipated. Even so, should WTI take out $63.9 before reaching $66.6 look for a test of key near-term support at $62.9. Closing below this will call for a deeper test of support before the move up continues.

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 Technical Analysis and Short-Term Forecast

The near-term outlook for WTI crude oil leans bullish headed into tomorrow. Today’s early decline to $63.68 negated the double bottom that formed around $63.9 yesterday. However, the subsequent move up from $63.68 formed a wave that overcame its smaller than (0.618) target and is poised to reach $65.9. Such a move will overcome the 62 percent retracement of the decline from $66.76, fulfill the smaller than target of the compound wave up from $62.9, and most importantly, overcome the $65.75 intraday swing high, thus invalidating the primary wave down from $66.76. Overcoming $65.9 will also increase odds for a test of the $66.76 swing high, which then connects to a crucial target at $67.7.

Nevertheless, the near-term call remains tight. This is because while the $65.75 swing high holds there is still a reasonable chance for the primary wave down from $66.76 to extend. This wave has already taken out its smaller than target and projects to $63.0 as the equal to (1.00) target. Therefore, should $65.75 hold, and WTI falls below $64.1 to invalidate the wave up from $63.68, look for a test of $63.0. This is also the 38 percent retracement of the rise from $57.29. A “normal” correction should hold $63.0. Closing below this would reflect a stronger bearish shift in near-term sentiment and call for a deeper test of support before the move up continues.

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.