Oil ran into resistance on Wednesday.  

Chart

Oil has been rallying out of the day 44 DCL. Oil did manage to close above the 200 day MA on day 4 only to lose it the next day.  And since day 4, oil has been contained by the dual resistance of the 200 day MA and the 50 day MA.  The bearish reversal that formed on Wednesday indicates that oil has being rejected by the dual resistance from the 200 day MA and the 50 day MA.  Oil formed a swing high on Thursday and closed below the 10 day MA to set up a left translated daily cycle formation.  Oil is currently in a daily downtrend. Since oil formed its swing high below the upper daily cycle band, oil will remain in its daily downtrend.

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