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Commodities

Oil – Daily Analysis

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Oil Open Articles Public Weekly
1244

What did today’s candles mean? What message is oil trying to send? In today’s oil technical analysis, we break down WTI using multi-timeframe signals and map the probabilities for the next move.

CANDLES

Oil formed a Bearish Engulfing on the daily and 2D frames, suggesting the next 1–2 days may see losses. The 5D frame printed a bearish Inside candle; it still requires confirmation, but the message is clear. It’s also likely that yesterday’s 8/20-EMA bullish cross will flip back to bearish tomorrow.

Short term: bearish
Mid term: moderately bullish, risk of flipping bearish
Long term: bearish following October’s close

ELLIOTT WAVES

Last Wave

Oil followed the purple count for a larger correction, potentially for a more complex wave (b). If oil holds and reverses upward above the October low, there are fair chances for an even larger correction (abc). If it makes a new lower low, it will go lower – toward $51 or below.

Summary:

Oil bulls have finally failed. As discussed earlier, the latest upward move was technically weak and unconvincing—and today confirmed that view. Oil is now moving lower, possibly in an impulsive manner. The short-term odds are bearish, and the probability of a continued decline is high.

Short term: bearish
Mid term: moderately bullish, risk of flipping bearish
Long term: bearish following October’s close

Happy Trading!

Oil Open Articles Public Weekly
1244
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