This posting will cover the downside targets for West Texas Intermediate Crude using Edson Gould’s Speed Resistance Targets.
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$76.85 (conservative target)
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$59.03 (mid-range target)
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$41.21 (extreme target)
Our expectation is that the $76.85 will be achieved.
How high would the price of WTI need to go before the downside targets are no longer valid? The $76.85 would no longer be valid if the price of oil increased above $231. If the price of oil were to accomplish such a level, we would have to run the numbers again to see what the new downside targets would be.