Skip to content
GET STARTED
Loading...
✨ Become a Member and get full access!
Commodities

Oil – Daily Analysis

•
Oil Open Articles Public Weekly
448

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 dropped today but still failed to confirm a bearish direction even on the daily frame. At the same time, it formed a not-so-strong Bullish Engulfing on the 5D frame, which deserves a certain level of respect. Most likely, oil will attempt to flip the odds and build stronger upward momentum.

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, and today’s failure by bears should add some courage to bulls.

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

ELLIOTT WAVES

Last Wave

I’m tracking two highest-probability paths now.

The purple path represents a possible corrective zigzag. Remember: the very first wave off the bottom was not clearly impulsive, so the entire move off the bottom could still be just a large wave a.

However, there is also the possibility of an impulse of a higher degree. The first real step toward that scenario would be forming a sizeable, clearly impulsive wave iii in red.

Both targets are shown on the chart. Something tells me the path could be confirmed by the monthly close.

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 three 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
448
Read Next
US Indices
SP500 – Daily Analysis
SPX has now reached the midpoint of the target area we identified yesterday—and the chart suddenly looks ready to make a much more serious statement. But there is a catch. Three green sessions in a row are not just background noise. Bulls have clearly managed to put something together, and dismissing that simply because the […]
Commodities
Oil – Daily Analysis
I love the daily routine at a few large, respectable MSM outlets. Early morning: a big, fancy article explaining that oil is finally down because you-know-who said you-know-what—and this is everything you need to know. Closer to the closing bell: “Oh… we may need to rewrite that because you-know-why.” That is exactly why we do […]
Commodities
Natural Gas – Daily Analysis
Natural Gas is balancing on the fence. The broader structure still favors the bulls, but the short-term picture has become much less comfortable. Recent weakness has pushed Natty into an area where the next move could decide whether this is simply a healthy pause—or the start of something more meaningful. That makes the current setup […]