The 5/26/16 Morning Report

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Oil continues to close above the upper daily cycle band indicating that oil is in a daily uptrend. It will remain in one until it closes below the lower daily cycle band.

oil daily 2

Oil has reached a multi-year resistance zone.

oil daily 1

Oil has entered its timing band for a daily cycle low. A swing high and trend line break will signal the daily cycle decline. The new high on day 36 assures us of a right translated cycle formation. Therefore our cyclical expectation is to see oil print a higher low and maintain the daily uptrend.

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