crude oil forecast

crude oil weekly 15 november 2019

Crude Oil price oil trend forecast

Crude Oil price forecast technical analysis using W.D. Gann time cycles.

Oil price short term forecasts

Since the beginning of 2019 oil market prices have had alternate phases: a strong directional phase, followed by a correction and a lateral phase.

More precisely, there was a propulsive phase from the beginning of the year to the end of April. The ascending force have found many angular obstacles in the $ 64-66 area. In conjunction with the expiration of weekly and monthly time cycles, this force was gradually reversed with a change in prices trajectory.

Since Weekly Set Up of April 26^th to the next Set Up of June 7^th, the correction in prices has reached $ 50.60 arriving at the 1X2 ascending angular support.

From June 7^th to October 4^th the oil market was lateral positive, creating three consecutive minimums: the week of June 7^th, August 9^th and October 4^th.

The last weekly Set Up was expired in coincidence with the last week of October 25^th, a period in which prices broke up the previous top, restoring a new short term positivity: next angular resistances at $ 62.70.

Only the return below $ 50.60 would reverse the lateral negative trend.

Medium-term oil trend

As shown by the slide just above, in April when prices reached the 1X4 downward angle the quotations started to fluctuate several times. They have broken the top or bottom of each successive monthly candle upwards or downwards.

The triple minimum constituted by the months of June, August and October, together with the 1X4 ascending angular support with origin in February 2016 offer support to the positive trend of the exchanges.

The decisive month for oil is November 2019. A bullish continuation beyond the top of October would indicate the recovery in the bullish trend that would find the first obstacles at $ 64.50. Subsequent obstacles at $ 72.60.

The report was created thanks to Top Trader stock exchange software©.