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Commodities

Oil – Daily Analysis

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Oil Open Articles Public Weekly
584

In today’s oil technical analysis, we break down WTI using multi-timeframe candlesticks, trend structure, key support and resistance levels, and EMA/MACD momentum to map the next move — bearish continuation or a developing bottoming setup. We also examine the prospective monthly signals, which remain far from being decided.

CANDLES

Oil continued to consolidate and currently has slightly better odds of printing another small red candle tomorrow. The 2D frame closed bullish-neutral, and the bullish momentum has a fair chance to extend to the 5D frame tomorrow.

Oil still has a chance to flip the monthly frame bullish this week. All it needs on October 31 is a close above the September low. Regardless of the color of the October candle, that would produce a bullish combo.

Overall, the momentum is slowly building on the bullish side.

Short term: bullish-neutral
Mid term: bullish, requires confirmation
Long term: bearish, with a chance to flip the monthly

ELLIOTT WAVES

Last Wave

Elliott Waves provide some optimism. Oil is forming a corrective wave down, increasing the odds for either the green or red count shown on the micro chart above. If oil retraces about 0.5 or more of the wave off the bottom, the red count could gain a few more points on my scale — and the candles, on the other hand, would support that kind of move. In that case, wave iii could be quite impressive. I think we are getting closer to the reversal point.

Summary:

Oil is slowly building bullish momentum in both candles and technicals. If this continues through the week, oil could confirm a weekly bottom and reshape the monthly candle into a bullish combo. Let’s keep our fingers crossed — there are still four long days.

Short term: bullish-neutral
Mid term: bullish, requires confirmation
Long term: bearish, with a chance to flip the monthly

Happy Trading!

Oil Open Articles Public Weekly
584
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