Oil – Daily Analysis

Oil returned to yesterday’s lows, but today’s rebound was even stronger. Was that the short-term bottom and the first sign of readiness for a rally—or simply another bounce inside the ongoing decline? Let’s listen to what the candles are whispering. In today’s Oil Daily Analysis, we will focus on the latest candlestick signals, technical developments, and Elliott Wave structure. The mid- and long-term outlooks will be discussed in detail in the weekly report, once the crucial developing weekly signal is finally in the books. CANDLES & TA: WTI made a strong bullish statement today. The daily candle changed its mind in the middle of the session and transformed from a bearish continuation candle into a strong bullish signal, reclaiming major support levels. The move also impacted the 2D frame, which closed with a powerful Piercing Line. But the main message today came from the Brent department. Apparently, the recent bearish…