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 has reached a multi-year resistance zone.
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.