Cycle Trading: Opportunity In Oil
|Oil formed a swing low last week.
Oil printed its lowest point last week on day 44, placing it late in its timing band for a daily cycle low. On Wednesday oil closed above the declining trend line and the 10 day MA. Then on Thursday oil back tested the 10 day MA and closed higher, turning the 10 day MA higher, to confirm the new daily cycle.
In the Weekend Report I will discuss oil's weekly and yearly cycle and I will breakdown the possibility that oil may be emerging from a yearly cycle low.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.