Oil on the Verge of a Weekly Uptrend

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Tuesday printed a higher high today, which was day 15 for the daily oil cycle.

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Since printing its February low, oil has been in a daily uptrend characterized by peaks above the upper daily cycle band and lows forming above the lower daily cycle band. Oil will remain in the daily uptrend until it closes below the lower daily cycle band.

Oil also continues to develop bullishly on the weekly chart.

oil weekly

This is week 11 for the intermediate oil cycle. The previous 2 weeks saw oil testing the declining 50 week MA. This week oil has broke above the 50 week MA. A close above the upper weekly cycle band would indicate that oil is beginning a weekly uptrend. It would also confirm that February hosted the yearly cycle low.

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