TAG: brucewti
Crude Oil Price Forecast: Poised for Further Gains After a Rest
Crude oil completed a five-day advance on Monday with a high of 80.33. A 61.8% Fibonacci retracement was also completed at 79.97, while the 50-Day MA was at 79.58. Crude was able to close above the 50-Day line but not the Fibonacci level. Moreover, yester...
2 months ago
Crude Oil Price Forecast: Eyes Bullish Signal as Support Levels Hold
Crude oil has been testing support around the 20-Day MA for the past couple of days. The pullback low from the recent trend high of 80.33 was at 77.29, and today’s low was 77.32. Also, the dip has been testing support around the 38.2% retracement at 77.24...
2 months ago
Crude Oil Price Forecast: Tests Support at $73.87 Amid Bearish Retracement
Crude oil continued its bearish retracement on Tuesday to find support at 73.87. The decline completed a 78.6% Fibonacci retracement and then bounced intraday. That low price may lead to a bullish reversal but so far there is no confirmation of it. There...
1 month ago
Crude Oil Price Forecast: Maintains Critical Support; Awaiting Breakdown or Bull Reversal
Crude oil pulled back to a low of 72.82 on Thursday, providing a second test of support around Wednesday’s low of 72.71. A 78.6% Fibonacci retracement was completed during the decline at 72.82. Notice that this was the second decline to the 78.6% price zo...
1 month ago
Crude Oil Price Forecast: Breakout Above 200-Day MA Likely
Following two sharp rallies in the past two days, crude oil consolidates and trades inside day on Tuesday. It has been trading roughly between resistance around the 200-Day MA (blue) and support near the 20-Day MA (purple). At the time of this writing, th...
1 month ago
Crude Oil Price Forecast: Consolidates as Range Narrows Forming Symmetrical Triangle
Crude oil continued to consolidate on Thursday between two trendlines that define a developing symmetrical triangle type consolidation pattern. The top internal trendline was tested as resistance today with the day’s high of 77.90 and it held. That high w...
1 month ago
Crude Oil Price Forecast: Drops Below Key Support, Eyes Deeper Decline
Crude oil broke down from a large symmetrical triangle consolidation pattern on Tuesday as it fell below the lower boundary line of the pattern, as well as the recent swing low at 72.24. That swing low from early-August found support around the bottom lin...
1 month ago
Crude Oil Price Forecast: Hits Support but Bearish Momentum Remains
Crude oil triggered a bearish continuation on Thursday as it fell below Wednesday’s low to reach a new trend low of 69.37, at the time of this writing. It reached its first lower target support zone at the low of 69.46 yesterday. The price zone may hold a...
1 month ago
Crude Oil Price Forecast: Tests Support Zone After 16% Decline
Crude oil continued its descent on Tuesday, reaching a new low of 65.65 for the trend before finding support and bouncing. It found support today in a price zone marked by two Fibonacci price levels. The low for the day was 65.65 and the Fibonacci zone ru...
1 month ago
Crude Oil Price Forecast: Bullish Breakout Triggers Counter-Trend Rally
Crude oil triggered a one-day bullish reversal on Thursday as it broke out above Wednesday’s high of 68.32, which was an inside day. Demand is picking up following a successful test of support in an area of Fibonacci confluence from 65.45 to 65.31. That p...
1 month ago
Crude Oil Price Forecast: Rallies but Faces Resistance Near Key Levels
Crude oil rallied to a high of 72.05 on Tuesday before encountering resistance. The high may have completed a 50% retracement and test of resistance at the 20-Day MA. Notice that both indicators have started to converge. In addition, there is also a prior...
4 weeks ago
Crude Oil Price Forecast: Rally Nears Resistance with Potential for Bearish Decline Afterwards
Crude oil continued its advance on Thursday into a potential resistance zone around the bottom of a large symmetrical triangle pattern. The day’s high of 72.82 tested resistance around the August 21 interim swing low. A breakdown from the triangle trigger...
3 weeks ago
Crude Oil Price Forecast: Rally Nears Key Levels Amid Bearish Triangle Breakdown
Crude oil continued its rally to a new high on Tuesday before encountering resistance at 73.52. Following that high crude pulled back and may close weak, in the lower half of the day’s trading range. The high for the day was just shy of completing a 61.8%...
3 weeks ago
Crude Oil Price Forecast: Bearish Reversal, Downside Risk Intensifies
Crude oil looks to have completed a counter-trend rally for the decline on Tuesday with a high of 73.52. The advance was just shy of hitting a 61.8% retracement at 73.74, which marks the top of a previously identified potential resistance zone. Subsequent...
2 weeks ago