Hellena | Oil (4H): SHORT to support area of 59.00.Colleagues, the situation is complicated, but I still expect the price to renew the local low of 56.40.
It looks like the price is forming a complex compound correction (WXY) and I think that for now it is worth looking at the 59.00 area as the nearest most likely level.
Ideally, I would like to see the completion of wave “C” in the area of 64.80.
Fundamental context
According to the latest IEA report, the global oil market remains under pressure as supply continues to outpace demand. For 2025, production is expected to rise by around 3 million barrels per day, while demand growth is forecast at only 0.7 million barrels. This imbalance increases the risk of oversupply and inventory buildup across key regions.
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