Oil Daily Update

Following the early warning about stalled trend, oil registered a strong bearish signal today.

In today’s report we will evaluate the technical side, the latest candles and project the next moves with Elliott Waves.

CANDLES:

The daily candle formed a strong, technically supported Bearish Harami. The odds flipped bearish and the most expected move for tomorrow will be down.

The weekly candle does not seem to have enough energy to form a reversal combo on the weekly frame. While there are still two days, a reversal is not very probable.

ELLIOTT WAVE

Oil has possibly completed an almost ideal zigzag abc in purple and looks ready to continue the ride down.

A pullback below the March 23rd high will finally invalidate the green counts and will increase the bearish odds.

We are just 2 days away from the monthly closure which will likely be either bearish or very bearish.

The mid and long term targets and charts remain the same, as discussed in the weekly report on March 25th. It can be viewed here:
https://investingangles.com/2023/03/25/oil-weekly-analysis-oil-oil-oott-commodities-2/

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