Oil – Daily Analysis

This is what oil apparently thinks of another “successful” diesel deal—and perhaps of the many more supposedly waiting in line. The chart is quietly sketching an Inverse Head & Shoulders, which is not exactly the reaction bears would have ordered. If the pattern confirms, another 4–5% rally could be in the cards. I hope I am wrong, but the setup is becoming difficult to dismiss. Now let’s check the other technical departments and see whether they are signing off on the same message—or preparing a rebuttal. CANDLES & TA: WTI and Brent closed with strong bullish candles on both the daily and 2D frames today, keeping the trend and the odds firmly tilted to the upside. And just look at the weekly frame—the potential Bullish Engulfing is growing into something increasingly difficult to ignore. Overall, oil remains bullish until the charts tell us otherwise. Classical Pattern – Inverse Head &…