Oil – Daily Analysis

Oil is down 15% since our mid-June call. The question now is simple: was that drawdown enough, or does oil still have more room to fall? Today’s report focuses on the structure behind the move — the newest technical signals, the strength or weakness beneath the bounce, and the paths that could define oil’s next decisive move. The key question is whether oil is preparing to confirm a local bottom, resume the mid-term breakdown after a temporary pause, or trigger a larger-frame signal that could change the entire map into the end of June. CANDLES Today, WTI formed a Bearish Engulfing on the daily frame and a bearish continuation candle on the 7D frame. Brent is aligned. Also today, Brent became the first to form a bearish 50/100 DMA cross. WTI will likely follow within the next two days. Overall, oil remains bearish. While it is hovering near the oversold…