Crude continued to deliver bullish follow through on Monday.
Monday was day 3 of the new daily cycle and oil rallied for another 2.92%. That allowed oil to close above the lower daily cycle band which provides another level of confirmation of the new daily cycle.
Oil has also provided another signal that the intermediate low has been set.
Oil printed its lowest point last week following the week 17 peak. At 25 weeks, that placed oil in its timing band for an intermediate cycle low. The weekly swing low that has already formed signals that start of a new intermediate cycle. Oil had established a weekly uptrend before its intermediate cycle decline. Since the week 25 low managed to close above the lower weekly cycle band signals that oil remains in its weekly uptrend. Oil will continue in its weekly uptrend unless it closes below the lower weekly cycle band.