Oil – Daily Analysis
Today, WTI and Brent attempted to form a bottom. Let’s go micro and see whether the move was constructive enough to set up the next rally. 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 continuation of the broader upside path or a deeper reversal. The key question is becoming increasingly important: Is oil launching wave v — or is it trying to fool everyone but the technicals again? CANDLES & TA: The indicators were right. Oil made a strong bounce today and printed very respectable Bullish Engulfing candles on both WTI and Brent, with Brent’s signal looking slightly stronger. The 2D candle was less decisive and could still flip either way. The weekly frame, meanwhile, found support at the 8 EMA. Both the daily and weekly…
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