Oil price forecasts WTI trend and stock market signals 2024

Oil Stock Signals 2024

Oil price forecast for 2024

Oil price forecasts, technical analysis, and short- and long-term trading signals through WD Gann time cycles.

Oil chart with weekly technical picture

Oil price forecast 2024
WTI weekly 19.01.24

Oil price short-term forecast

With the time cycle expiration of July 07, 2023, the sideways phase of the oil market that had been generated in May-June 2023 came to an end to give way to a directional dynamic.

As described in previous reports, in the summer period between last July and September, the oil market executed a broad recovery marked by two positive movements in conjunction with weekly set ups between September 18-25, 2023.

With the bullish break of $81.40 in the first week of September 2023, oil initiated the second upward movement blocked by the descending dynamic 1X4 and static resistances.

From the low of $77.63 crude oil prices reached a high of $94.98, coinciding with both the new weekly Set Up of September 29, 2023 and the Set Up of October 06, 2023.

As can be seen from the picture just above, the quotations with the interaction of the price/time ratio expressed by the descending 1X4 angle and the octave static resistance, generated a new descending phase.

The corrective trend was exhausted at the expiration of the Maximum Square in the week of December 22 last year.

From a high of $94.98, oil prices reached a low of $67.74 at the ascending 1X16 dynamic support, plotted in blue.

Currently the short trend is lateralizing prices between the ascending 1X8 and 1X16 vector, both radiating in blue color in photo.

The previous weekly signal expired in the week of January 12, 2024.

On that occasion the momentum restored a positive sideways trend.

The last signal expires in the week of January 26, 2024.

For prices higher than $75.50, the intentionality of the trend to correlate returns in a positive direction will be further confirmed: resistances in the area of $78 and $81.

A return of quotations below $69.80 will restore the corrective trend with first supports in the $69.90 area; $63.

Monthly oil technical analysis 2024

Oil trend 2024
WTI monthly 19.01.24

Following the expiration of the Range Square in July 2022, oil dynamics initiated a strong corrective action that came to a halt during the March-April 2023 monthly Set Up.

From a high of $123.65, quotations came during the March-April cyclical expiration to $64.40 on static octave support, which had also delineated a strong obstacle in the previous double low of August and December 2021.

With the restart of the propulsive phase in July 2023, oil arrived at the 1X4 descending angular resistances radiated in purple color picture:

from a low at $66.84, prices came to a top last September at $94.98.

The restart of medium-term weakness was concluded by the monthly set up last November:

the violation of $72 in December 2023 brought prices back to the area of the previous double low of March June 2023 and to the ascending 1X8 dynamic support at $67.74.

The last major signal for the WTI oil market coincides with January 2024.

A return above $77 will indicate the emergence of a new bullish phase that will have its first resistances in the $80.50 area; $84.50.

While continuation below $67.40 will confirm the weakness of oil: supports in the $62.90 area.

Oil price trends in the long term

WTI oil forecast 2024
WTI quarterly 19.01.24

Forecasting methodology and analysis software

The long-term trend in oil has been sideways for several quarters, as is evident in the picture just above.

Both 1X3 ascending angular support (vector radiated in green) and octave static support have generated a strong impediment to the corrective trend that was triggered in Q3 2022.

The next signal expires in the first quarter of 2024.

The emergence of new medium- and long-term upward strength is contingent on reaching $92.10.

In that case the new resistances will be in the area of $90.80; $97.00.

The resumption of descending action, on the other hand, will be evidenced by reaching $67.40.

In that case the new supports will be in the $61.50 area.

The technical picture of WTI oil was illustrated through the theory of WD. Gann with the help of Top Trader(c) stock market software

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