Oil Daily Update
Oil closed the daily and lower frames with bearish signals. However, in order to form a top, a strong confirmation is required.
The daily and 12hr candles are bearish, but to confirm their stance, a strong confirmation candles are needed to form in the next 12-24 hours. The odds are bearish and the smaller frames are overbought.
At this moment, oil has better chances to print at least one more wave down. The length and character of the wave will likely define the next move.
The monthly and quarterly candle formations and a bigger wave picture were discussed in the monthly report on the weekend. It can be viewed here:
At this moment oil has better chances to print at least one more wave down.
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