Friday was day 29 for the daily oil cycle, placing oil 1 day shy of entering its timing band to print a daily cycle low.
Oil formed a bullish reversal on Friday. That has eased the parameters for forming a daily swing low. A break above 41.67 will form a daily swing low. Regaining the 10 day MA will deliver our first confirmation of a daily cycle low. Still, oil is in a daily down trend and will continue in its down trend until it closes above the upper daily cycle band.