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Commodities

Oil – Daily Analysis

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Oil Open Articles Public Weekly
908

Oil is sliding—and for members, that’s no surprise. Let’s see whether the setup is aligned for the next leg. In today’s update, we’ll read the multi-frame signals, weigh recent candle patterns against key technical levels, and map the most probable paths from here, including the triggers that could revive the bullish case or confirm a deeper pullback.

CANDLES

The last three days oil has been busy forming what looks like a Three Black Crows. The odds are bearish and oil needs about a 5% rally tomorrow in order to revert a strong bearish closure. Tough task.

ELLIOTT WAVES

Last Wave

Some technicals started to signal that wave three of some degree is underway.

Micro Wave

At the micro level, oil may have completed a classic impulse down. The commodity is oversold on several hourly frames, and there’s a fair chance of a bounce here.

Classical Patterns – Flags

Summary:

Oil remains bearish across the short- and mid-term frames and would need a sizable ~5% rally tomorrow to print a bullish combo. While a 5% jump isn’t impossible, its probability is very low. Anything less would result in a bearish or, at best, moderately bearish close, depending on the level.

Happy Trading!

Oil Open Articles Public Weekly
908
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