oil trading signals

WTI quarterly 21.02.24

WTI oil trend 2024

Oil trend technical analysis trading signals in the short and long term using WD Gann time cycles.

Oil chart with weekly technical picture

Oil forecast today and weekly signals

Following the weekly expiration of October 23, 2023, we witnessed a robust correlation of negative returns.

From the 1X4 descending resistances plotted in purple in the picture above, oil prices from a high at $88.21 reached a low at $67.74 in the week of December 15 last year.

The December 15, 2023 low, coinciding with the expiration of the Maximum Square, was made in conjunction with the 1X16 angles and octave static support, visible in blue and red.

Since the week following the Dynamic Set Up just mentioned, oil’s recovery has begun: however, the price dynamics have not been progressive but rather positive sideways.

The ascending 1X8 resistances plotted in blue and the descending 1X4 resistances plotted in purple and the angular 1X4 supports also plotted in purple have resulted in a price swing.

The last short signal coincided with the week of February 23, 2024.

During this week the price dynamics were inside, that is, contained in the previous candle.

Expression of the signal:

for prices above $79 prices will tend to remain sideways positive with first targets $79.60; $80.50; $84.

For price levels below $75.10 prices will maintain negative laterality, with first targets $73; $71.30.

There is to note the week of March 01, 2024 coincides with a new relevant cyclical expiration.

Therefore, the negative breach of 75.10 would further confirm the negative sideways trend.

WTI oil medium-term trend

With the expiration of the Maximum Square in July 2023, the oil market has restarted a new upward price movement.

The quotations from the octave static support at $69.73 reached the 1X4 descending resistance with origin from the two highs of March 2022 and June 2022.

In September 2023, the current value of oil interacting with dynamic resistance at $94.98 resulted in a top.

However, it was not until the Minimum Square expired in November 2023 that the oil market indicated a true trend reversal.

Prices last December came to the ascending 1X8 angular support and octave static support at $67.74.

Medium-term signals coincide with the months of January and March 2024.

With the month of January, the trend related to the oil market started in a bullish direction.

However, in the coming March we have the expiration of the next Set Up.

If the positive trend is confirmed with the achievement of prices above $79.60, the nearest targets will be in the area of $81.90; $88.90.

Reaching $69 will indicate our failure to reestablish the medium-term up trend and consequently the next targets will be in the $64.80 area.

Long-term oil technical analysis

The long-term price trend is sideways as evident in the slide just above.

The static octave irradiated as the horizontal price line in orange has provided excellent support for as many as five quarters.

However, dynamic resistances have repeatedly repelled an attempt to reestablish a new uptrend.

The first quarter of 2024 is an important long-term signal in which multiple time cycles cross.

Reaching $92.10 will indicate a new uptrend phase. Resistances at $83.60; $90.60.

While negative breach of $67.40 will show a new corrective trend: first supports at $60.90 area.

The oil price prediction article was made by applying the WD Gann technique and using the Top Trader(c) stock market software.