Oil – Daily Analysis

Today, oil finally reached our target, delivering roughly a 20% gain since our major August 6 call. A solid move—but after a rally of this magnitude, the more important question is what comes next. And perhaps even more interesting: what do the candles now “think” about the prospects for “lower gas prices”? In today’s Oil Daily Analysis, we examine the latest candlestick signals, momentum structure, Elliott Wave paths, and key support and resistance levels. We also define the technical conditions that would favor either continued upside or a reversal and assess whether oil is preparing for another leg higher—or approaching a more meaningful turning point. CANDLES & TA: Oil remains bullish across the short and mid term. Unless it plunges by roughly 6.6% or more tomorrow, it is on track to form a respectable bullish continuation candle on the 10D frame, along with several other larger timeframes. Overall, the bullish…