Commodities

Oil Daily Update

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Oil managed to advance higher, but at the expense of technical conditions which now require a reset.

CANDLES & TA:

Oil advanced today towards the 200 DMA and stopped there. The candles are bullish, but all hourly frames up to 12hr are grossly overbought. This could lead to a minor pullback at least.

The weekly frame has not been decided yet, and most likely we will see a decision on Friday.

ELLIOTT WAVES

I am tracking two paths on the micro level.

Green: possible completion of wave 3, expected a minor pullback into the green rectangle marked 4; the rally would resume then towards $85 or higher.

Purple: possible significant move down below $74.

The purple one has a slightly better probability at the moment. However, none of the counts is very reliable for a large gap.

The monthly and quarterly candle formations and a bigger wave picture were discussed in the latest weekly report. It can be viewed here:
https://investingangles.com/2023/04/09/oil-weekly-analysis-oil-oil-oott-cl-commodities-xle/

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