Oil Forms Bearish Reversal

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.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.