LikesMoney
Independent Analyst
Oil formed a daily swing high on Thursday.
Thursday was day 33 for the daily oil cycle, placing oil in its timing band for a daily cycle decline. So Thursday’s swing high has good odds of developing into the daily cycle decline. Oil currently sits on support from the top of the recent trading box and the accelerated trend line. A close below this level should send oil to seek out its daily cycle low. Oil should break below the daily cycle (blue) trend line in oder to complete its daily cycle decline. The peak on day 31 locks in a right translated daily cycle formation which has us expecting a higher low to form. Which aligns with oil being in a daily uptrend. If a swing low forms above the lower daily cycle band then oil will remain in its daily uptrend and trigger a cycle band buy signal.
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