WTI oil price forecast next week and long term

WTI oil trading signals

WTI oil trading signals

WTI oil price forecast today

WTI oil price forecast from weekly to quarterly with technical analysis and stock market signals using the American economist WD technique. Gann

WTI oil chart with weekly analysis framework

Short-Term Oil Price Forecast

The sideways price dynamic in the oil market, triggered in early March 2023, is coming to an end in these early days of September 2024.

The 1X4 and 1X8 dynamic supports outlined in blue and purple in the picture above outline the force field on which the trend has evolved, between descending highs and ascending minis.

In particular, the tops of the week of 29 September 2023 with WTI at $98.98, of 12 April 2024 at $87.6 and the last one of 05 July at $84.48.

The three weekly lows of 24 March 2023 at $64, 15 December at $67.74 and 07 June 2024 at $72.69.

The alternating time signals in August indicated the emergence of a corrective trend.

During the Set Up weekly on 30 August, WTI oil closed the week weak at $73.58.

On the Maximum Square of the week to 06 September 2024 oil broke downward from the low of the previous weekly signal, confirming the short-term negativity.

Oil Forecast: for prices above $77.90 a positive sideways dynamic will be generated in the short term. Resistance in the $76 area; $78.

Oil forecast for next week: If the levels below the weekly minimum of the Maximum Square of 06 September are violated to the downside we will see a continuation of price weakness, with first targets in the area $65.

Medium-term WTI oil trend

The end of the sideways phase is most visible in the monthly time frame.

The descending 1X4 and 1X8 corner resistances, irradiated in purple and blue in the picture, blocked oil’s various attempts to positively correlate returns:

more precisely in September 2023, April 2024 and July 2024 the 1X4 and 1X8 angles rejected the up trend, generating the precondition for the continuation of the medium-term corrective trend.

The last expiring set up coincides with September 2024.

The trend of WTI oil remains negative with first price/time targets in the area of 67.75; 63$.

Only the return of WTI oil above $80.40 will determine a change of trend: resistances in the area of $77.40; $80.70.

Long-Term Crude Oil Price Forecast

The long-term trend remains sideways negative.

First supports are in the area of $63.5 and $54.80.

Should oil prices reach $88, then the trend will change to the positive side.

Resistance in the area of $84; $91

The analysis and forecast on the WTI oil market was described using the WD Gann technique with the help of the Top Trader(c) stock market charting software.