Oil Monthly Analysis

Next week, oil will face a crucial test for the bulls. If they pass, the commodity may soon blaze a trail into uncharted territory. A failure will likely lead to a tug of war between fake news every second day and technical forces. I’m starting our weekly series with Oil Weekly, as the winds here may have the deepest impact on the entire economy and market. In this Oil Monthly Technical Analysis, we review the latest candlestick and statistical signals, along with the Elliott Wave roadmap, to determine whether oil is preparing for another impulsive advance—or whether the market is about to challenge a setup that has worked unusually well for nearly two months. The next move should tell us whether we should keep the current targets or raise the bar. CANDLES and TA After a moderately bullish September close and a bullish continuation wrap for Q3, oil appears to…