Oil price forecast 2020 Crude Oil trend today through Gann’s tecnique By Francesco Massetti Posted on 8 February 2020 Condividi su Facebook Condividi su Twitter Condiviso su Google+ Condiviso su Pinterest Condiviso su Linkedin Condiviso su Tumblr Crude Oil 01.21.2020 Oil price forecast 2020 Crude Oil trend today Oil price forecast today through the time cycles of the economist W.D. Gann. Crude oil 01.21. 2020 Medium term oil price trend The oil market has alternated lateral and directional phases and vice versa. Looking at the chart just above, the corrective trend of crude oil has accelerated four times its average, going from $ 76.90 in October 2018 to $ 49.10 just two months later. The low of December 2018 was captured perfectly by the 1X4 ascending support angle indicated in purple on the photo of the monthly chart. From the following January 2019 the prices have accelerated positively until the downward resistance 1X1 angle in area $ 66, which had concurrently the further 1X2 ascending angular obstacle with origin February 2016 (colored in yellow). These two highly directional periods, with implicit volatility of the options that touched 30%, alternated with as many lateral periods, which contracted the volatility. In fact, we have seen from June 2019 until last November a continuous turnaround, with bullish breaks, alternating with bearish infringements, relatively to the monthly candles. The last operative signal of 2019 was November, we have found an important recovery of crude oil: from a minimum of $ 54.07 has reached a top in area $ 65, near to the descending angular resistance. Next Oil Set Up is February 2020. The trend, despite the noticeable negative retracement, still remains ascending in the medium term and only a return below level $ 53.50 will have a corrective reversal. However, only the month of February will be able to clarify whether the driving force of crude oil prices will undergo a new positive turn or whether the lateral dynamics will continue. Next supports for the descent are in area $ 56; $ 54. There are resistances in area $ 61.70. Medium and long term oil trend Crude Oil 01.21.2020 Price congestion area is best observed in the quarterly time frame. In fact, crude oil dynamics were affected a lot by the long-term descending resistances illustrated in yellow on the slide and maintained prices in the trading range for a good 4 quarters. Only this first quarter of 2020 prices are breaking free from them very slowly. The supports are clearly visible in area $ 57 and $ 53. The Crude Oil report was illustrated thanks to the free Stock Exchange software Top Trader©.