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Commodities

Oil – Daily Analysis

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Oil Open Articles Public Weekly
767

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 assess the prospective monthly signals, which remain far from decided.

CANDLES

Oil made several statements today that generally support a bullish outcome. On the daily, a potential Bullish Harami formed. The 3D printed an incomplete Dark Cloud Cover (DCC), which is typically treated as a bullish continuation in this context. The 8D frame also formed another Bullish Harami. While these signals require confirmation, the overall odds lean slightly bullish, and oil continues to build 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.

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

ELLIOTT WAVES

Last Wave

Oil is forming a bullish flag which could be complete already. At this point, I cannot reject an option for one more lower low for the flag, and this move would align with the most typical Harami confirmation – a lower low and a strong push upward. The next wave up could be quite strong – wave c or wave iii.

Summary:

Oil is slowly building bullish momentum in both departments — candles and technicals. If it holds for the next two days, oil could confirm a weekly bottom and reshape the monthly candle into a bullish combo. There are still two days left and plenty can happen. For now, oil is sitting on the fence.

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

Happy Trading!

Oil Open Articles Public Weekly
767
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