Oil formed a bearish reversal on Thursday.
Wednesday’s bearish reversal eases the parameters for forming a swing high. Oil is nearing its timing band for a daily cycle low. A swing high and break of the declining trend line will confirm the daily cycle decline. A break below 63.43 will form a daily swing high.
Thursday was day 23 for the daily oil cycle. The new high on day 23 indicates a right translated daily cycle formation which aligns with oil being in a daily uptrend. Oil will remain in its uptrend unless it closes below the lower daily cycle band.