Oil – Daily Analysis

Oil has extended its decline for a second consecutive session following a major political development, raising an important technical question: is the market beginning a new bearish phase, or simply working through a temporary correction within the broader structure? In today’s Oil Daily Analysis, we assess the latest candle patterns, momentum shifts, Elliott Wave structure, and key support levels to determine whether the recent gap lower has altered the larger roadmap—or created another tactical setup before the next decisive move. CANDLES: Oil extended its decline and formed bearish signals on both the daily and 2D frames. The candles were supported by the broader technical structure, increasing the odds of further downside. However, the daily price stopped at the 200 DMA, which could trigger an upward reaction. Several hourly frames have also become oversold, supporting the case for at least a short-term bounce. Yesterday, we discussed the potential path following the…