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Commodities

Oil – Daily Analysis

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Oil Open Articles Public Weekly
717

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

Bulls were unable to build on the minimal momentum and were defeated today across all frames up to the 10D. Both the 10D and the daily formed Bearish Engulfing patterns, and the frames in between closed with bearish combinations of varying strength.

Short term: bearish
Mid term: bullish, pending confirmation
Long term: neutral, pending decision in December

ELLIOTT WAVES

Mid Term

No news in the EW department. The recent waves have been corrective in both directions, leaving the structure undecided. A break below $55.955 (October’s low) will invalidate the red count and sharply reduce the probability of the blue, prompting a reevaluation of the outlook.

Last Wave

Summary:

Oil is bearish in the short term, with elevated odds of moving lower tomorrow. Momentum across the 1–10D frames is generally bearish; however, there is still no clear directional signal. The waves remain corrective.

Short term: bearish
Mid term (weekly): bullish, pending confirmation or rejection
Long term: neutral, pending decision in December

Happy Trading!

Oil Open Articles Public Weekly
717
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