Oil crude oil forecasts tomorrow price trends and signals By Francesco Massetti Posted on 24 October 2024 Condividi su Facebook Condividi su Twitter Condiviso su Google+ Condiviso su Pinterest Condiviso su Linkedin Condiviso su Tumblr oil stock market signals today WTI Oil Forecast tomorrow Oil price forecasts with short and long term trading signals and analysis using William Gann’s time cycles. Weekly historical oil chart WTI weekly Weekly oil price forecasts From March 2023 to the present, oil prices have generated a lateral trend, at some times positive lateral in negative lateral. The new trading range phase started in the week of March 24, 2023 and ended in August 2024. Since last September, the oil market has been in a major positive pull-back: from the low of 64.40$ the quotes reached a high of 94.98$ on September 24, 2023. This maximum level was generated by the descending angle 1X4 plotted in purple in the photo above and from the Set Up weekly of 06 October 2023. On this specific occasion we witnessed the bearish breach of a bullish out-side, which generated an important downward movement, which lasted until 15 December last. The new low of $64.74 was followed by a new bullish phase, which ended in the week of April 12, on the 1X8 descending angle plotted in blue. During the expiry of the time cycle of 19 April 2024, the WTI market, breaking the low of 12 April 2024, indicated the birth of a new downward movement, which ended on the week of 07 June last. The new upward rebound was short-lived, with prices once again reaching the 1X8 downward angle on 05 July. Since the week of July 19, 2024 oil prices have started a significant drop that brought the value of WTI to 65.30$ in the week of September 13. In recent weeks we have seen a rebalancing of the negative directional phase, with a short lateral trend, whose movements are limited in the corridor, drawn in purple. Resistance for the next pull-backs are in the area 75.90$-77$. The weeks following 01 November will coincide with important weather signals. The trend remains corrective with first targets in area 63.40$; 61.80$. Trend of WTI monthly quotations WTI monthly The laterality of the oil market trend is even more visible in the monthly time frame. The 1X4 downward angle plotted in purple generated a strong magnetic field on the WTI quotes. The three top positions that described the new trading range area were achieved in September 2023, April and July 2024. The monthly set up of August breaking down the low of July has indicated the birth of a new corrective trend, which should be confirmed in November. The negative violation of the September minimum will indicate as first target to reach the area of 59.30$. Only the return above 80.40$ the trend of oil will change, with the birth of a new positive laterality: resistances in area 74.90$; 80.80$. Long-term technical analysis WTI quarterly After a long side phase, the long-term trend of WTI has returned negative. The quarterly set up of December 2024 will confirm the current trend with the reaching of $64.90. Next target area 54.90$; 46$. Resistance in area 80.10$. The WTI oil market trend analysis was described using the Gann technique and with the help of the Top Trader(c) Exchange Software.
