oil stock exchange signals 2024

WTI oil price forecast

WTI oil price forecast today technical analysis with short and long term trading signals through WD Gann time cycles.

Oil chart with weekly graphical analysis

Short-Term Oil Forecast

With the expiration of the time-cycle of the Range Square in the week of 14 June 2024, the oil market has set a new ascending sideways dynamic:

from the 1X8 angular support, visible with blue half lines in the picture above, WTI quotations from a low of $72.69 reached a top at $84.48 in the week of 05 July 2024.

As can be seen from the slide, new 1X8 descending blue coloured dynamic vectors pass through that area, generating strong resistance to the new propulsive run.

In fact, in the following week of 12 July, which coincides with a Square Minimum, WTI’s positive performance was interrupted with the formation of a negative retracement that has now reached $79.39.

The short-term dynamic remains negative sideways with new supports in the $78 area; $76.

If oil prices reach $83.20 then the negative phase will be over to make way for a new propulsive action: resistances in the $83.80; $85.80 area.

Next signals in the week of 02 August 2024.

Oil trend July August 2024

The medium-term trend is still in a trading range with alternating sometimes positive, sometimes negative laterality.

The descending 1X8 corner, drawn in blue, has been a strong resistance to bullish strength, particularly in April and July 2024.

The next stock market signal expires in July 2024.

In the first half of this month we observed how the medium-term uptrend strengthened, following the bullish breakout of the June top.

In addition, in June oil had also broken the top of the previous monthly set-up in May, resulting in a bullish out-side.

Due to the resistances mentioned at the beginning, we are witnessing a partial correction these days, which does not change the directionality of the signal.

Next resistances in the $88.50 area.

Only if prices return below $72.30 would the trend reverse in a corrective direction: supports in the $74.60 area.

Technical analysis WTI oil in the long term 2024

The long-term trend has been sideways for three quarters.

The last quarterly stock market signal for oil expired in June 2024.

For quotations above $88 the quarterly trend will reposition positively, with first targets in the $90.60 area; $107.60

A return below $72 will indicate the emergence of a new long-term corrective phase: supports in the $76 area.

The forecast for WTI oil in the short and long term has been described using WD Gann theory with the aid of the Top Trader(c) stock market software.