Oil = Daily Update = #oil $oil #oott #commodities $CL #crude

Oil continued its move towards the target area today. . . .

In this daily report we discuss the recently registered technical signals and candle formations which oil made on different frames. We also project short and mid term paths using fabulous theories of Messrs. Elliott and Fibonacci.

CANDLES & TA:

Oil formed a bearish candle today. However, the formation was not very strong for us to consider an immediate follow up downwards. As the commodity moved too far too fast, we could see another bounce for 1-2 days before the move down resumes.

The larger frames were discussed in details in the weekly report two days ago:
https://investingangles.com/2023/04/23/oil-how-we-forecast-story-in-charts-oil-oil-oott-commodities-cl/

ELLIOTT WAVES

I am tracking three paths on the micro level.

Green: possible completion of a wave a of (2) down.

Purple: wave B of a possible zigzag ABC.

Red (primary): an impulse wave down.

I am leaning towards the red one for primary and hope oil will provide enough data by the end of week to prove my hypothesis.

Summary:
Oil has slightly better chances to bounce for 1-2 days before resuming the ride down.

Possible short term target area – $68-74.

The bigger picture and long term targets were discussed in the latest weekly report on the weekend.

Weekly Analysis, April 22nd:
https://investingangles.com/category/commodities/oil/

p.s. This is the last week we provide public daily reports for oil and natural gas.

Oil Daily Update

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