Oil price forecast crude oil trend forecasts 31-12-2019

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Oil price forecast crude oil trend forecasts

Oil price forecast crude oil forecasts by American economist technique W.D. Gann.

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Crude Oil yearly september 2019

Medium term oil price forecast trend

From March 2016 to today the dynamics of the oil price is going through an ascending phase, although with more or less accentuated fluctuating phases.

The monthly Set Up expired in July 2017 has started a strong growth in prices which brought the crude oil back to area 76$ in September 2018.

The strong correction in the subsequent months of November and December 2018 is ended on the 1X4 upward angle (with the minimum starting in February 2016 as its origin), at level 42.36$.

The cycle expired in March 2019 has confirmed the recovery of the positive price trend which reached the 1X1 downward natural resistance to 66.60$.

In the months of July, August and September 2019 there are the expiration of many dynamic cycles, which have contrasted several times the ascending and descending forces of oil prices, highlighted by the breaking of the maximum and minimum of monthly candles.

September 2019 coincides with a very important Range Square, and the bullish price break compared to the previous top, which took place in these days, will have to be confirmed until the end of the month.

The continuation of prices over level 59.10 will confirm the positive signal of September: resistances at 61; 66,60; 71.

The return below level 50.20 will re-establish a new negative trend: supports at 52.10; 48,31.

Oil price medium and long term technical analysis

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crude oil quarterly september 2019

The 1X1 angular downward resistance from the historical top of the third quarter of 2008, has blocked the upward trend in trade both in the third quarter of 2016 and in the fourth quarter of 2018.

The 1X1 and 1X2 Zero corners has provided an excellent support in countering the corrective forces in the Crude Oil dynamics.

Currently the trend is positive, and only the return below level $50.30 will restore a new negative trend.

First corner supports at $ 50.55; $ 47.80. Resistances at $ 67.60; $ 87

The oil price analysis was carried out thanks to Top Trader© Stock Exchange software.

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