Oil – Daily Analysis
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 A terrible reversal today. After yesterday’s strong bullish candle, oil closed today, against the odds, with an even larger bearish candle. The 1D, 2D, and 3D frames are closing bearish, and there is now a solid chance the weekly frame also closes bearish tomorrow. Overall, oil is bearish on all frames up to the monthly frame, while remaining bullish on all frames larger than monthly. ELLIOTT WAVES Brent – Last Wave At this point, Brent can still find support in either the blue or red rectangles. While a potential bullish move remains on the table, oil now has better odds of exploring lower levels in the short- to mid-term. Summary: Oil suffered a major bearish reversal. After yesterday’s strong bullish candle, today’s session erased the…
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