Oil formed a daily swing low on Thursday.
Oil printed its lowest point on Wednesday, day 31, placing oil in its timing band for a daily cycle low. Oil did close below the 200 day MA on Wednesday, which suggested a further decline. But oil delivered a bullish surprise on Thursday by forming a swing low and closing back above the 200 day MA to signal that day 31 was the daily cycle low. Oil will need to close back above the 10 day MA for confirmation.