Oil – Daily Analysis

Today was the kind of day when even a die-hard candlestick skeptic might start paying attention why Exxon, Chevron, and ConocoPhillips ended July with Bullish Engulfing monthly candles. Oh yes—and then there is His Majesty Gasoline. In today’s Oil Daily Analysis, we examine the latest candlestick signals, momentum structure, Elliott Wave paths, key support and resistance levels, and, of course, the official mantra about “lower gas prices.” The focus is on whether today’s advance confirms that the recent correction is ending—or merely delays another move lower before oil establishes its next decisive direction. CANDLES & TA: The brewing bullish signals on the 1–3D frames at the end of last week materialized today. Confirmations of a bottom on the daily and 2D frames were quite loud. If the momentum holds tomorrow, a 3D Bullish Engulfing will likely add another nail to the coffin of the “lower gas prices” narrative. It increasingly…