Oil stock signals today

Oil stock signals today

Short- and long-term oil price forecasts

Oil price forecasts signals and price-time targets using the WD Gann technique.

Short-term WTI oil chart with technical overview

Oil price forecast and weekly analysis

From March 2023 to the present, the dynamics of oil prices in the short to medium term is characterised by an area of stationarity, in which prices fluctuate with decreasing highs and increasing lows.

The first bullish movement initiated during the summer of 2023 came to a halt at the 1X4 descending angles plotted in purple and the weekly set-up on 29 September 2023.

With the negation of the bullish out-side of this last weekly signal, a strong corrective thrust was generated that took WTI to $67.74, on the ascending 1X16 dynamic support drawn in blue, in the week of 15 December.

After a pronounced sideways phase, the weekly oil trend restarted a positive phase that found more correlation in yields in early March 2024.

In the period from 08 March until 5 April, the market accelerated its recovery phase, reaching new static and dynamic resistances in the area of 87$.

However, following the Stock Exchange signals of the Minimum Square of 12 April 2024 and the Natural Square of 19 April, a new weakness was triggered, which is pushing WTI quotations towards the supports in the $78 area.

The next trading signals coincide with the weeks of 24.05 and 31 May 2024.

The bearish break of $76.40 will indicate the corrective continuation of oil: next supports in the area of $72.90; $71.30.

The return of oil above 80.40$ will indicate the restart of a new positive laterality Resistances in the 82 area; 83.40$.

WTI oil price trend with monthly signals

The trading range in oil price dynamics is also evident in the monthly time frame.

The 1X4 descending angle drawn in purple, with its dynamic price-time ratio, manifests itself as a magnetic field in price comparisons.

In fact, in both September 2023 and April 2024, the ascending phase was interrupted by both the crossing of this vector and the concomitant monthly Set Ups.

The last expiring monthly Set Up coincides with the month of May 2024.

During this period we witnessed a negative breach of $80.40, a level indicating a return to medium-term negativity until the next signal.

Next supports $72.40; $68.

Only for quotations above $87.90 will oil show a new medium-term bullish phase: resistances in the $85.70 area.

Technical analysis WTI oil quarterly returns

The long-term trend is in a sideways phase in which prices alternate between the $91 and $67 area.

In the third quarter of 2024 the trading range will come to an end to make way for a new directional dynamic.

Resistances in the $93 area and supports in the $64 area.

The forecasts for WTI oil prices in the short and long term were described using the Gann technique and the Top Trader(c) stock market charting software.