Oil – Daily Analysis

While much of the market is chasing the next headline or waiting for direction from talking heads, our focus remains where it has consistently delivered value: technicals and statistics. Today, oil attempted to build on the potential bottom we called yesterday. Now the question is whether this move has enough strength to develop into something larger. In this report, we examine the latest oil signals, review the key technical levels, and assess the probability map behind oil’s next major move. CANDLES Today, the initial bullish momentum we spotted yesterday on the hourly frames expanded to the daily frames for both Brent and WTI. There is also a solid chance it extends to larger frames tomorrow. Technicals continue to support a larger bounce. Overall, oil is moderately bullish on the short- and mid-term frames, bearish on the monthly frame, and bullish on all frames larger than monthly. ELLIOTT WAVES Brent -…