Crude Oil Analysis & Targets
Crude Oil
August
There are two methods we use at ONE44 to find support and resistance in the markets.
The first are major Gann squares, these are the yellow horizontal lines on the chart. On the chart you can see where the market turned multiple times at these levels.
The second is Fibonacci retracements.
The bottom on 5/5/25 failed to make a new low and held the 78.6% retracement at 56.10 and the 56.36 major Gann square and this was the beginning of the next Bull move that is outlined in the ONE44 Fibonacci rules and guidelines.
The rally from there topped out at the 77.96 major Gann square and was short of the major 38.2% retracement on the continuation chart at 80.00.
The setback from there fell short of the 61.8% retracement at 63.50, but held the 64.36 major Gann square. The rally so far has been unable to get above 38.2% at 69.50 and this keeps the short term trend negative.
This is what we posted on Sunday for this week.
CLQ25
All levels remain the same,
From last week,
As you can see on the chart August held the same 78.6% retracement down at 56.10 and the 56.36 major Gann square and it was indeed the beginning of the next Bull move, it did hold below 38.2% at 62.60 for awhile after hitting it before on 4/23/25 and then went on a $11.00 run once it got through 38.2%. The rally took it well above the 73.02 major Gann square and 78.6% back to the contract high at 71.70, but failed to close above it and this will be the key level for the next week.
Use 71.70 as the swing point for the week.
Above it, the long term target is 38.2% on the continuation chart at 80.00, if things get way out of hand the next major level above is 61.8% at 95.30. The short term target is the 77.96 major Gann square.
The high this week hit the short term target of the 77.96 major Gann square, but well short of the long term 38.2% at 80.00 on the continuation chart. The setback from it hit the 64.36 major Gann square and just short of 61.8% back to the 4/9/25 low. The 64.36 major Gann square will be key for the next week.
Use 64.36 as the swing point for the week.
Above it, it did get close enough to 61.8% to use the ONE44 61.8% rule to get the upside target and that is 61.8% the other way at 73.02, this is also a major Gann square. Any rally that can't get above 38.2% at 69.50 is a negative sign and a new low can quickly follow.
Below it, you still have to watch for a trade down to 61.8% at 63.40 and close back above 64.36, the target would be the same however, this would lower the 61.8% level above. The longer term target area is the 60.38 major Gann square and 78.6% back to the 4/9/25 low at 59.40.
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