#Oil = Daily Update = 11.01.2023 #WTI #commodities #usoil #CL $CL $WTI #oilandgas $oil #energy $xle #oott #fintwit

In a strong bullish move, oil possibly formed a Tower Bottom. If the combo is confirmed tomorrow, oil could continue a mini rally and test the 100 weekly MA one more time.

As a reminder, in November, oil moved 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 yet.

A minor adjustment to the mid term path. 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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