#Oil = Daily Update = 29.12.2022 #WTI #commodities #usoil #CL $CL $WTI #oilandgas $oil #energy $xle #oott #fintwit

So far oil registered no signal that would warrant a change for the long term forecast.

The short term candle formation is bearish, and oil continues to slowly move downwards.

I already discussed the importance of the weekly closure above $82.72 tomorrow. If oil fails to make about 5.6% in the last trading day of the year, it will form a strong bearish setup and a move lower will have much better chances.

The micro path charted last week remains unchanged. Yesterday oil broke a possible motive wave structure off the lows and the odds of moving downwards are higher.

Previous update:

The mid and long term projected paths and targets remain unchanged, as outlined in the Weekly Analysis on the weekend.

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