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.