#Oil = MONTHLY Analysis + Long Term Forecast = 31.08.2022 #WTI #energy #commodities #usoil #CL1! @markets @cnbc @marketwatch @ft @seekingalpha #oilandgas $oil

I think I have very bad news for the energy sector and it is about oil. I realize that this analysis will unlikely add numerous followers and subscribers – people naturally try to avoid unpleasant news. However, we call it “as is” and this is one of the advantages of our service.

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In the most recent Weekly Analysis I outlined that OIL “…is technically in the same conditions as in August 2008. Believe it or not, but the commodity is likely to go down. Swiftly.”
Until the last moment I hoped that oil forms a less bearish combo, but today Oil candles made a Three Black Crows on the monthly frame and this is a very bearish formation of that magnitude.

In this overview I will traditionally discuss the candle formations on various time frames, evaluate the corresponding technical events from the statistical perspective and provide the short- and long-term forecasts using Elliott Waves.

This post is part of the @InvestingAngles Series that covers the US and global major indices; commodities and miners, bonds and volatility, crypto and currencies, and some large cap stocks.

Previous Weekly:
https://investingangles.com/2022/08/27/oil-weekly-analysis-long-term-forecast-27-08-2022-wti-energy-commodities-usoil-cl1-markets-cnbc-marketwatch-oilandgas/

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