13Dec

WTI Elliott Wave Analysis Revealing Crude Oil Price Trends, Key Support Levels, Bearish Breakouts, and Technical Outlook

WTI Crude Oil Elliott Wave Technical Analysis

Crude oil prices are trending sideways, holding below $73 as momentum weakens. A bearish breakout seems more likely, targeting levels around $60. However, the price must first break through the $64-62 support zone, which could provide temporary resistance to the decline.

WTI Crude Oil Commodity Daily Chart Analysis

From a long-term perspective, WTI crude oil prices are correcting the impulsive rally observed between April 2020 and March 2022, when prices surged close to $131. The ongoing decline from March 2022 appears to be forming a double-zigzag corrective pattern.

  • Wave ((W)) completed at $63.5 in May 2023 with a triple zigzag formation.

  • A subsequent sideways triangle structure marked the end of wave ((X)) at $84.5 in July 2024.

The decline from $84.5 (July 2024) is currently evolving into wave ((Y)), although this wave remains in its early stages. The price finalized wave W of (W) of ((Y)) in September 2024, followed by wave Y of (W) in October 2024. The ongoing wave Y of (W) is incomplete, with projections suggesting a potential drop to the $61-57 range.

WTI-Crude-Oil-Commod...


WTI Crude Oil Commodity H4 Chart Analysis

On the H4 timeframe, WTI crude is presently in wave (b) of ((y)) of Y, provided the $72.96 level holds. A break below $72.76, however, could signal the formation of a new potential top for wave ((x)), assuming the price remains below the invalidation level of $78.45. As long as WTI stays beneath $78.45, the probability of further downside remains higher than that of a bullish reversal.

Technical Analyst: Sanmi Adeagbo

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

See Previous: GX Uranium ETF Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

WTI-Crude-Oil-Commod...

Related

The TJX Companies Inc. (TJX) Stocks Elliott Wave Technical Analysis: Elliott Wave Insights and Predictions

The TJX Companies Inc. (TJX) Stocks Elliott Wave Technical Analysis: Elliott Wave Insights and Predictions

Discover an in-depth TJX stock analysis through Elliott Wave Theory, examining both daily and 4-hour...

Read More >
Euro/ U.S. Dollar (EURUSD) Elliott Wave Forecast Shows Bullish Trend Nearing Completion with Key Trading Insights

Euro/ U.S. Dollar (EURUSD) Elliott Wave Forecast Shows Bullish Trend Nearing Completion with Key Trading Insights

EURUSD Elliott Wave analysis highlights a bullish trend approaching completion on daily and 4-hour c...

Read More >
Looking to Invest in Nikkei 225 ETFs, Index Funds, or Individual Stocks: N225 Index Elliott Wave Technical Analysis

Looking to Invest in Nikkei 225 ETFs, Index Funds, or Individual Stocks: N225 Index Elliott Wave Technical Analysis

Stay ahead in the Nikkei 225 market with expert trading insights and analysis. This comprehensive gu...

Read More >
CSX Stock Forecast Using Elliott Wave Points to Bullish Trend Continuation With Clear Target of $50 Amid Strong Momentum

CSX Stock Forecast Using Elliott Wave Points to Bullish Trend Continuation With Clear Target of $50 Amid Strong Momentum

Elliott Wave analysis shows CSX in a bullish impulsive phase. Wave 3 formation suggests strength, wi...

Read More >
Comprehensive Elliott Wave Market Analysis: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200 Insights

Comprehensive Elliott Wave Market Analysis: S&P 500, NASDAQ 100, RUSSELL 2000, DAX 40, FTSE 100, ASX 200 Insights

In our latest analysis leveraging the Elliott Wave framework, we advise investors to progressively a...

Read More >
NASDAQ Composite Trading, Featuring detailed NASDAQ Index Elliott Wave Technical Analysis and NDX Market Insights

NASDAQ Composite Trading, Featuring detailed NASDAQ Index Elliott Wave Technical Analysis and NDX Market Insights

Dive into our comprehensive guide on NASDAQ Composite trading, featuring detailed Elliott Wave Analy...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on