Bullish Energy

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The energy sector continues to develop bullishly.

oil

Tuesday was day 9 for the daily oil cycle. Oil broke above the declining trend line which delivers final confirmation of the new daily cycle. Oil also closed above the upper daily cycle band. This signals an end to the daily downtrend and confirms that oil has begun a new intermediate cycle.

NATGAS appears to be bottoming as well.

natgas

NATGAS printed its lowest point on Friday, following the day 6 peak. NATGAS formed a swing low on Monday and then closed above the lower daily cycle band on Tuesday to indicate a new daily cycle. While Friday was only day 16, which is a bit early for a DCL, it does follow an extended 43 day daily cycle. So a 16 day cycle would help to even out the cycle counts. Now a break of the declining trend line will deliver confirmation of the new daily cycle .

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