Oil – Daily Analysis
WTI decided to take the alternative scenic route today. A little detour, a bounce, and suddenly the bulls have something to cheer about! But what does it mean for the bigger picture? Has Oil finally found its bottom, or is this just another dead cat bounce, with gravity preparing to take over again? Let’s examine the latest technical signals, reveal our downside target, and see where this winding road might lead next. CANDLES & TA: What an amazingly close series of misses today! The daily candle closed just 7 basis points short of flipping the odds bullish after yesterday’s Doji. And that narrow miss had a significant impact on the 2D close. Had WTI closed just 8 basis points higher, the 2D frame would have formed a bullish Piercing Line. But alas, instead we have a Thrusting Line, generally viewed as a bearish continuation pattern. And let’s not forget that…
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