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Commodities

Oil – Daily Analysis

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Daily Oil Open Articles Public
956

Those who have been following our oil forecasts should feel well-prepared. In today’s update, we examine oil’s current setup, analyzing candlestick patterns, multi-timeframe signals, and Elliott Wave structures to identify key levels, technical formations, and the most probable scenarios before the next major move.

CANDLES

The daily frame was rejected at the 100 DMA and closed with a bearish continuation candle. The upcoming weekly closure is in serious jeopardy, as a Falling Three Methods pattern will form if oil finishes below the outlined levels.

Overall, oil remains bearish until a clear reversal signal emerges.

ELLIOTT WAVES

The purple count remains the primary scenario for now. However, considering the wave structure below the blue could become primary.

The larger Flag pattern remains intact.

Summary:

Oil has possibly completed its first impulsive wave down and shows strong potential to develop into a larger impulsive structure. Early signals indicate that the current move could be wave 3 of some degree. The outlook remains bearish until proven otherwise, with bearish odds likely to rise sharply if tomorrow’s weekly candle closes with a Falling Three Methods pattern.

Happy Trading!

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Daily Oil Open Articles Public
956
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