Oil – Daily Analysis

Oil is starting to make the energy tape much more interesting. 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 main focus is the internal health of the current rally. Is WTI building a durable bullish continuation, or is this still only another rebound inside a larger corrective structure? With upside targets now coming back into view and gasoline implications impossible to ignore, the next few sessions could become important for the broader energy roadmap. CANDLES & TA: Oil solidified the short-term bullish odds by forming a 3D Bullish Engulfing. The 5D frame is tracking for a bullish candle tomorrow — either a Piercing Line or a Bullish Engulfing. The latter would be quite a message. In the gasoline world, RBOB futures also support the bullish odds,…