#Oil = Daily Update = 09.01.2023 #WTI #commodities #usoil #CL $CL $WTI #oilandgas $oil #energy $xle #oott #fintwit

Oil failed to form a bullish combo with candles and elevated the bearish odds instead. It aligns nicely with the strong bearish formation on the weekly frame. And I’d like to remind that in November, oil broken below the 100 weekly MA – last time it did so at the beginning of 2020 and we probably remember what happened next.

The long term chart remains the same since September and nothing warrants a change.

The mid term paths and targets remain the same, as last updated in the weekly report. Mid Term Chart below (premium content).

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A bigger picture and perspectives were discussed in Weekly Analysis on Jan 7th:

Yearly Analysis – Jan 1st:

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