Oil – Daily Analysis

Oil continued to hover above a major support level, but the real question is whether the bulls are actually gaining control—or simply buying time. What are the odds now? And more importantly, what are the signals saying? In today’s Oil Daily Analysis, we focus on the latest candlestick signals, technical developments, and Elliott Wave structure. CANDLES & TA: There was an extremely interesting close across multiple short-term frames today. The daily completed a very clean Inside Candle, often a precursor to reversal, while the 2D remains bearish. However, the 3D frame failed by less than 4 bp to form a bearish continuation candle, meaning the bulls prevented bearish odds from expanding to that timeframe. We may still see a lower low in an attempt to negate those failures, but the probability of a reversal has increased. Overall, oil is neutral-bullish in the short term, while the mid- and long-term outlooks…