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Commodities

Oil – Daily Analysis

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Oil Open Articles Public Weekly
623

In this report, we analyze the candlestick signals, review the key technical indicators, apply Fibonacci measurements, and place the structure within its Elliott Wave context to assess whether the mid-term path remains on track.

CANDLES

Again, no decision today. Oil formed another potential Harami, possibly building a solid bottoming foundation. Regarding the monthly close, oil would need a strong drop of about 4.1% or more to form a bearish continuation candle. Any close above $55.955 will be treated as an Inside candle and will likely be bullish.

Overall: short term — neutral, leaning bullish
Mid term — bearish, with a chance of change
Long term — bearish, with a chance of change

ELLIOTT WAVES

Mid Term

Oil remains in an inflection zone. There is no impulse in either direction. I’ve started to consider the possibility of an ending diagonal for wave c of (ii)/(b), but so far it lacks the supporting signals.

Last Wave

Summary:

It looks like the decision has been pushed to the final day of the month. Oil remains neutral, with slightly better odds for the bulls to finish November constructively. A close below $55.955 on November 28 (about a 4.1% drop on Friday) will make the monthly candle bearish; any close above that level will be bullish.

Overall: short term — neutral, leaning bullish
Mid term — bearish, with a chance of flipping bullish
Long term — bearish, with a chance of flipping bullish

Happy Trading!

Oil Open Articles Public Weekly
623
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