LikesMoney
Independent Analyst
After peaking on day 26, Oil formed a swing high and began its daily cycle decline. Oil printed its lowest point last Tuesday. That was day 37 which placed oil right in its timing band to print a daily cycle low.
Oil formed a swing low then last Wednesday. Then went on to test the declining trend line on Friday. Oil broke above the declining trend line on Monday and delivered more bullish follow through today. This makes Tuesday day day 5 for the new daily cycle. Oil continues to close above the upper daily cycle band indicating that oil is in a daily uptrend.
And it looks that oil being in a new daily cycle is dragging stocks up along with them.
The daily equity cycle peaked on day 34. It formed a swing high on day 36 and then went on to print its lowest point last Thursday, day 38. Today stocks formed a swing low and broke above the declining trend line. While I would like to see more bullish follow through here, it appears that stocks are leaving behind a 38 day, daily cycle low.
Stocks have been closing above the upper daily cycle band which indicates that stocks remain in a daily uptrend.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
AUD/USD gains momentum above 0.6500 ahead of Australian Retail Sales data
AUD/USD trades in positive territory for six consecutive days around 0.6535 during the early Asian session on Monday. The upward momentum of the pair is bolstered by the hawkish stance from the Reserve Bank of Australia after the recent release of Consumer Price Index inflation data last week.
EUR/USD holds positive ground above 1.0700, eyes on German CPI data
EUR/USD trades on a stronger note around 1.0710 during the early Asian trading hours on Monday. The weaker US Dollar below the 106.00 mark provides some support to the major pair.
Gold trades on a softer note below $2,350 on hotter-than-expected US inflation data
Gold price trades on a softer note near $2,335 on Monday during the early Asian session. The recent US economic data showed that US inflationary pressures staying firm, which has added further to market doubts about near-term US Federal Reserve rate cuts.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.