Oil – Daily Analysis
In this update, we examine oil’s current setup with sharp technical focus—tracking candlestick formations, multi-timeframe indicators, and Elliott Wave structures. We pinpoint the key levels, patterns, and likely next moves before they take shape.
CANDLES
After completing multiple bearish frames, oil bounced and formed a bullish daily candle. While the odds now slightly favor a move higher, it’s likely to be short-lived—potentially lasting only through mid next week. The 3D frame has a fair chance of completing a Falling Three Methods pattern by Tuesday.
The weekly chart is on track to close neutral unless there’s a strong directional push. Long-term frames remain bearish.
ELLIOTT WAVES
All three counts remain on the table, with no clear advantage for any single scenario. However, the corrective horizontal move holds a slight edge in probability at this stage.
Summary:
After today’s closure, oil flipped moderately bullish on the short-term, with a chance to extend momentum on the 2D and weekly frames tomorrow. However, the commodity remains bearish across all larger timeframes, and a strong reversal signal is still required to shift the broader outlook.
Happy Trading!
===
