Oil – Weekly Analysis
Does every advocate of “lower gas prices” remember this oil chart, posted exactly one month ago? Since then, oil has surged about 17%—a remarkable move in just four weeks. The call worked. The bigger question now is whether this rally is only getting started—or whether oil is approaching the point where the entire setup begins to change. In this Oil Weekly Technical Analysis, we examine the latest candlestick signals, momentum structure, key support and resistance levels, and the evolving Elliott Wave roadmap to determine which path currently carries the better odds. There is plenty of noise around oil right now. We will ignore it. The focus is on the chart, the technical structure, and what the market itself may be signaling about the next major move. CANDLES and TA Oil had a solid chance to close Friday with an overwhelmingly bearish candle, but the late-session rally transformed it into a…
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