Cycle Trading: Oil Update
|Oil formed a daily swing high on Thursday.
There are bearish divergences developing on the daily chart oscillators that suggest the daily cycle is rolling over. And if oil has begun its daily cycle decline here is what I am watching on the weekly chart.
This is week 15 for the intermediate oil cycle. The bearish weekly reversal forming on this week's candle will ease the parameters for forming a weekly swing high. So if a weekly swing high forms and oil closes below the 50 week MA that would signal to me that the intermediate oil cycle decline has begun. A full analysis of oil's daily, weekly, and yearly cycles is routinely covered in the Weekend Report.
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