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Oil – Daily Analysis

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Oil moved sideways today, keeping the commodity at an important technical checkpoint. Is the correction already ending — or is this only a pause before another leg higher? The answer should come from the chart, not the headlines. In today’s Oil Daily Analysis, we review the latest candle signals, momentum shifts, Elliott Wave structure, and critical levels to assess whether oil is resetting for another rally — or beginning to lose the bullish momentum from the recent advance. CANDLES: After Wednesday’s strong bullish move, oil retraced today. However, the pullback was not sufficient to suggest a directional change. Most likely, it was a consolidation exercise. Trends remain bullish, and the main support levels are still intact. The monthly frame is currently tracking bullish. Oil needs to rally about 3.5% tomorrow to end July with even stronger bullish odds. However, a drop of roughly 6.6% or more on the final day…

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