Cycle Trading: Oil Forms a Swing Low
|After forming a swing high in early October, oil has been in a brutal daily downtrend.
Oil as been tending lower for over 40 days. Oil printed it lowest point on Thursday, day 73, placing oil very deep in its timing band for a DCL. The bullish divergences developing on the oscillators accompanied by Monday's swing low and close above the 10 day MA indicate oil has printed its daily cycle low. I suspect that oil is printing something more significant than a daily cycle low. Which was something that I discussed in the Weekend Report.
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