As the new year arrives, it is essential to formulate strategies and visions for the year ahead to achieve remarkable success. Let’s analyze the long-term trends of crude oil price (WTI-West Texas Intermediate) in 2024.
Examining the primary trend over several years, the current crude oil price are in an upward wave from L1 to T2 in The First Million – Dollar – Pattern. However, at the end of the previous year, 2023, there are signs of a small bottom, L1, indicating a minor trough within the 5-wave journey towards T2 through a gentle upward channel.
Looking at the long-term trend of crude oil price, we observe a robust and ongoing growth. The L1 to T2 movement in The First Million Dollar Pattern represents the longest wave, consisting of 5 sub-waves. Particularly noteworthy is the most favorable growth phase, from L1 to T2, and the current crude oil price are positioned within that phase.
During the first quarter to mid-2024, there is a likelihood of crude oil price continuing to gradually rise within a slight upward channel, with a range between 69,670 and 98,440. This period is crucial as it establishes the bottom of the small L1 and serves as an accumulation phase for the upcoming prolonged uptrend.
Examining the weekly chart in more detail, the clarity of the small L1 bottom reinforces the anticipation of the upcoming upward trend.
In summary for 2024, the primary trend for WTI is upward, making it advisable for investors to prioritize buying. Additionally, considering WTI’s characteristic of significant intraday volatility (influenced by US Dollar index), investors need to strictly adhere to capital management rules to safeguard assets and maximize the effectiveness of each investment strategy.
Based on this main trend analysis, combined with the Technicl Convergence Methods, wish you have a successful year in investing!
