Crude Oil Price Outlook for November with Cycle Targets

Steve Miller

Peering into the commodities sector, crude oil closed down nearly one percent last week.

This could have been much worse, but crude oil prices jumped 3.5% on Friday.

News of a North Dakota oil spill coupled with an active rig count the continues to fall gave oil a brief tailwind.

Based on its market cycles, we believe crude oil is nearing the end of the declining phase of its short-term cycle.

We could see another dip to $54 over the next week before another short-term up-cycle begins.

Once the next cycle begins, our forecast is for crude to rise into our short term resistance zone, likely reaching $57 or better.

Crude Oil (/CL) Stock Daily Chart 

crude oil price forecast bearish november market cycles analysis - year 2019

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