WTI oil stock signals today

Oil price trend with trading signals

Oil price trend today technical analysis and forecasts using time cycles by economist WD Gann.

Oil trend graph with technical graphical analysis

Oil price trend today

Since March 2023, price dynamics in the oil market have been sideways with alternating positive sideways and negative sideways.

From Set Up weekly of 07-14 July 2023 we witnessed a recovery of oil prices which was characterised by two main movements:

the first trend from the time cycle of 07 July 2023 until the Set Up week of 11 August 2023, while the second movement from the Maximum Square of 25 August 2023 until 06 October 2023, expiration of the 180-week Natural Square.

We have analysed in previous reports how the descending 1X4 corner drawn in purple provided an important magnetic field to the descending dynamic, leading to a reversal of the trend during the Set Up weeks of 06 October and 27 October.

The negative returns in fact continued until the expiry of the Maximum Square on 15 December.

From the top of $94.98 in the week of 29 September, the price of WTI reached a bottom at $67.74 in the week of 15 December 2023.

Since the end of the year, the market, from the angular supports 1X8 and 1X16, changed its negative directionality generating a new positive sideways phase.

This new weekly trend was very contrasted until the beginning of March, when the WTI time price reached the crossing of the 1X4 descending and 1X8 ascending vectors traced in blue in the picture above.

Since the partial of the Range Square expired in the week of 01 March 2024, oil yields were strongly correlated until the expiry week of the Minimum Square in the week of 12 April 2024.

In fact, since the expiration of the new weekly cycle of 12-19 April, the first discontinuity was generated, which indicated the trend change.

The next stock market signal expires in the week of 26 April 2024.

For lower price levels of $80.80 oil weakness will be confirmed with first supports at $79.90; $78-77.35.

Conversely, the reaching of $86.50 will indicate the resumption of positivity: resistances at $84.70; $86.

WTI oil price forecast medium term

The medium-term trend has been positive in particular since the January time signal.

With the January 2023 set-up, the trend of the WTI resumed a new upward dynamic, which was also confirmed by several time cycles expiring in March 2024.

However, the value of the stock market returns was reduced, as the average value settled on the ascending 1X2 vector plotted in yellow.

In addition, the 1X4 descending angular resistance radiated by the software in purple is also generating a strong magnetic field, given the price retracement in April.

The next signal will expire in May 2024.

The return of prices below $80 in May will indicate the confirmation of oil’s negative lateral phase.

Supports in the $77 area; $72.30.

While the return of oil above $88 will confirm a new acceleration to the upward phase: resistances in the area of $88.70; $91.20.

Technical analysis on oil for 2024

After the strong positive directional period between Q3 2020 and Q2 2022, the long-term trend in oil suffered an initial reversal, to lateralise in a subsequent period.

More precisely, WTI oil prices from a low at $0.04 reached a high at $129.41 in Q1 2022, only to fall back and reach a low at $64.40 in Q1 2023.

Following the correction, as can be seen from the picture just above, the quarterly price dynamics have been sideways.

Supports are located in the $72.90 area and resistances in the $90.50 area.

The second quarter 2024 is set up.

Oil will, if not from this, then certainly from Q3 2024, begin to produce more self-correlated long-term stock market returns.

More detail will be written in future reports.

The article on oil forecasts was written following the Gann technique and using the Top Trader(c) stock market software.