Oil – Daily Analysis

Oil bounced, but it remains very close to invalidating a large structure. The monthly message was also quite interesting, especially when compared with gasoline and diesel futures. Let’s take a deeper look. In today’s Oil Daily Analysis, we will focus mostly on the monthly close and the short-term outlook. The mid- and long-term outlooks will be discussed in detail in the weekly report, once the crucial developing weekly signal is in the books. CANDLES & TA: There are three messages today. First, the daily frame had a chance to print a Piercing Line, which would have been a potential bullish reversal, but formed only a Thrusting Line, which is a moderate bearish continuation signal. A fresh 8/20 EMA bearish cross complicates things for the bulls, and the chances of Oil moving further down remain significant. But if we look at the 5D frame, which also closed today, the combination there…