Oil – Daily Analysis
In today’s oil technical analysis, we break down WTI using multi-timeframe signals and map the probabilities for tomorrow’s monthly close. Candles, EMA/MACD momentum, and key support/resistance all point to a pivotal inflection — a final push that could confirm a weekly bottom and reshape the monthly print, or a fade that keeps the larger downtrend alive. We’ll outline the confirming levels, the failure lines, and the path that would tip the odds for a November follow-through. Buckle up — the next 24 hours may decide the script.
CANDLES
Oil remains largely undecided heading into the final day of the month. The monthly is the biggest unknown: a ~1.8% rally tomorrow would flip it bullish; otherwise it likely remains bearish.
The daily and 2D frames are fairly neutral with a slight bullish tilt. The weekly is likely to close with a neutral-bullish candle. That said, any frame could flip on a large move — the next 18 hours will be crucial.
Short term: neutral, leaning bullish
Mid term: bullish so far
Long term: bearish, with a chance to flip the monthly bullish
ELLIOTT WAVES
Last Wave
Oil made a tiny lower low today — potentially completing a flag — and then formed a small impulse off the bottom. If the commodity avoids a new lower low (that would be the stop-loss) and completes an impulse of a higher degree, it could follow either the purple or red path. The next wave up could be quite strong — either a wave c or a wave iii.
Summary:
Oil has been slowly building bullish momentum in both candles and technicals, but the job isn’t done yet. Bulls need a final push tomorrow — about 1.8% — to confirm the seriousness of their intent. A failure to print a bullish monthly combo would likely resume the ride lower. For now, oil is sitting on the fence; tomorrow is D-day — D for decision.
Short term: neutral, leaning bullish
Mid term: bullish so far
Long term: bearish, with a chance to flip the monthly bullish
Happy Trading!
