Cycle Trading: Oil Delivers A Buy Signal
|Oil delivered a buy signal on Thursday.
There is a little uncertainty if day 23 represents an early DCL or was it a half cycle low. However what is certain is that oil had been closing above the upper daily cycle band prior to this dip into the day 23 low. Oil formed a swing low and closed back above the upper daily cycle band on Thursday to indicate that oil remains in it its daily uptrend. And a swing low in a daily uptrend is a buy signal. Oil will remain in its daily uptrend until it closes below the lower daily cycle band.
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