Oil – Daily Analysis
In this daily crude oil update, we take a fresh look at how the probability landscape is shifting and what the latest market signals are revealing. By integrating candlestick patterns, key technical indicators, Fibonacci levels, and Elliott Wave structure, we clarify whether recent price action points to continuation or an emerging inflection point.
The focus is on refining the most probable roadmap for crude oil and determining whether current developments warrant adjustments to the mid- and long-term outlook as market conditions continue to evolve.
CANDLES
Oil appears to be sitting on a potential springboard. Although the daily candle closed bearish, the underlying technical structure is building a constructive case. The recent 50/100 DMA bullish cross has begun to widen, longer-term trends remain intact, and Brent’s marginal monthly MACD bullish cross continues to hold. On the 3D frame, price action resembles a developing bullish flag.
In the near term, oil leans neutral to slightly bearish, but the broader momentum profile is gradually strengthening on the bullish side.
ELLIOTT WAVES
All counts for WTI remain valid and on the chart, with the red scenario currently primary. The corresponding green count in Brent carries similar weight.
Brent appears to be developing a zigzag correction for wave 2. An ideal technical target for this move would be a 0.5 retracement of wave 1, near the $64.50 level.
Summary:
Oil is showing mixed short-term signals but strengthening longer-term structure. While the latest daily candle was bearish and near-term action leans neutral to slightly negative, broader momentum is improving. The 50/100 DMA bullish cross is expanding, Brent’s monthly MACD cross remains intact, and price action on the 3D frame suggests a developing bullish flag. Overall, short-term caution remains warranted, but the larger technical backdrop is gradually turning more constructive.
P.S. I will be leaving tomorrow morning and returning on Monday. The plan was to step away from the screens to recharge, but it appears Mr. Market may have other ideas. Kyle will oversee the Discord room, and David will continue running Live Trade as usual. For assistance, please contact help@investingangles.com or investingangles@gmail.com.
