Oil Confirms a New Daily Cycle

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After peaking on day 18 oil printed its lowest point on Tuesday, day 25. That placed oil on the early end of its timing band for a daily cycle low.

99 oil daily

Oil formed a swing low and close above the declining trend line on Wednesday. This confirms a new daily cycle.

Oil continues to close above the upper daily cycle band. Oil is in a daily uptrend and will remain in an uptrend until it closes below the lower daily cycle band.

99 oil weekly

This is week 13 and oil printed another higher weekly high. A close above the upper weekly cycle band means that oil is establishing a weekly uptrend.

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5 thoughts on “Oil Confirms a New Daily Cycle

  1. I’m noticing a number of days this month with sizable selling on strength and even last month where i believe we had only 1 buy on weakness on spy; thoughts?

    • It may mean one more break lower before stocks can rally enough to break above the declining trend line.

    • Oil is in a daily uptrend and will continue in an uptrend until it closes below the lower daily cycle band.

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