#Oil = Daily Update = 10.01.2023 #WTI #commodities #usoil #CL $CL $WTI #oilandgas $oil #energy $xle #oott #fintwit

Oil formed one more bearish consolidation candle today, further elevating the bearish odds. It continues to align with the strong bearish formation on the weekly frame.

As a reminder, in November, oil broken below the 100 weekly MA – last time it did so at the beginning of 2020.

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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