Oil forecast today oil price trend short and medium term may 2020

oil forecast
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Oil forecast today oil price trend

Oil forecast today oil price trend have been developed through the application of W.D. Gann temporal cycles.

oil forecast today
crude oil 03.03.2020

Oil forecast short term

Since 28th December 2018 Oil market has alternated quotations in a wide lateral range.

Although on 26th April 2018 the propulsive force of crude oil has brought prices from a minimum in area $ 42,36 to a top in area $ 66,06, the quotations trend has signed both a triple minimum and a triple top, based on different temporal signals and dynamic supports.

More specifically, in the weeks of 14th June 2019, 9th August 2019 and 4th October 2019 prices have recorded some minimums with following recovery and more specifically in the weeks of 12th July 2019, 20th September 2019 and 10th January 2020.

In the week of 10th January 2020 the short term positive sequence has been interrupted. Following positive weekly infractions have been shown since 6th December 2019.

The deny of the short term temporal signal of 3rd January has indicated the return to a new corrective phase, taking into consideration the formation of a wide downward out-side the following week.

Initially, the descending movement has brought back prices for the fourth time on the lateral lower zone at level $ 50,50, breaking that level the first days of the last February.

1X8 ascending angular support with origin on the week of 28th December (blue colored in the photo just above) has partially slowed the negative action of Oil, that in conjunction with the weekly Set Up of 21st February has tried a positive pull-back.

The break over of the static lower zone in area $ 51 is started as support but is becoming resistance, so that it reverses the weekly Set Up of 21st February 2020 and brings back prices to the level of end of December 2018, that is in area $ 44.

Next weekly temporal cycle in expiration will be on 27th March 2020.

Further short term supports are in area $28 and next resistances are in area $53,20; $54,50.

Oil trend medium term

oil forecast
oil quarterly 03.03.2020

The lateral course between April 2019 and January 2020 is clearly visible in the monthly time frame.

1X4 angular support, purple colored in the slide, has pushed away for good three times the downtrend.

The return for the fourth time on that level and the negative infraction of the signal of November 2011 has determined the starting of the medium term correction of Oil market.

The most recent temporal cycle in expiration is February-March 2020. Next supports are at $ 27; $ 25, resistances are in area $ 51.

 

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