Oil Forecast 2024 trend analysis and WTI stock market signals

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2024 oil forecast and trading signals

Oil forecasts 2024 technical analysis and input and output signals using WD time cycles. Gann.

Weekly historical oil chart

2024 oil forecasts via Gann cycles
WTI weekly 26.03.24

Short-term oil price forecast

In the summer period last year, we observed how WTI’s weekly positive returns had a high auto-correlation, with prices reaching as high as $94.98 in the week of September 29, 2023.

As commented in previous reports, the negation of the weekly Set Up on September 29, together with the 1X4 dynamic resistances plotted in purple, indicated a negative reversal in oil price dynamics.

In fact, since the bearish break of the weekly Set Up of September 29, 2023, oil prices have been gradually falling strengthening the corrective trend.

From $94.98, the price of oil came down to $67.74, on 1X16 angular supports in the Maximum Square expiration week of December 15, 2023.

Just since that cyclical time expiration we have witnessed a gradual recovery in the value of WTI:

weekly returns however have not re-presented the same values as last summer.

In fact, quotations are performing an ascending 1X2 angular vector, radiated in yellow photos, that is, with half the value of last July-August’s advance.

The short-term trend therefore is sideways positive and with the lack of a strong driving force, dynamic resistances slow down and lateralize the trend more noticeably.

The last stock market signal in the WTI oil market coincided with the week of March 15.

During this period the oil market dynamics showed a willingness to reach the resistances placed in the $82.45 area, while the next ones are placed in the $85.80 area.

However, several time signals between 04-19 expire in April.

The violation of $80 first and $76.30 later will indicate the revival of a new negative sideways phase that will alternate with the previous bullish one.

Next supports in the area of $80.50; $77.70; $76.

WTI trend with monthly stock market signals

WTI oil trend technical analysis
WTI monthly 26.03.24

The bearish break of the September 2023 monthly low at $83.20 initiated a new corrective phase in oil’s medium-term trend.

In fact, quotations from the descending 1X4 angular resistance plotted in purple at $94.98 reached $67.64, on the dynamic and static support visible in blue and purple photos.

The January 2024 Monthly Set Up, however, indicated the emergence of new upward strength also confirmed last February with the positive breakout of the $79.24 top.

The last trading signal expired in March 2023.

Currently the trend is positive sideways, but a return of prices below $76.50 in April will witness the start of a new downward sideways movement.

Next supports in the $72-$70.60 area.

Resistances in the area of $82.70; $88.20.

Oil forecast 2024: long-term trend

technical analysis WTI oil
WTI quarterly 26.03.24

The laterality of the oil trend is most visible in the long-term out-look.

The correction initiated in the third quarter 2022, stopped in the second quarter 2023 at the octave static support in the $72.70 area.

The 1X4 and 1X3 descending vectors plotted in purple and green keep the price trend circumscribed in Q1 2024, which coincides with a Square of Maximum.

Currently the trend is sideways negative:

positive violation of $92.10 will indicate bullish recovery of WTI, while return below $67.40 will show more price weakness.

The article on the WTI oil price forecast was made through the correct application of the Gann technique and with the help of the Top Trader(c) Stock Exchange software

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