Oil Confirms a New Daily Cycle

May 11, 2016

After peaking on day 18 oil printed its lowest point on Tuesday, day 25. That placed oil on the early end of its timing band for a daily cycle low.

Oil formed a swing low and close above the declining trend line on Wednesday. This confirms a new daily cycle.

Oil continues to close above the upper daily cycle band. Oil is in a daily uptrend and will remain in an uptrend until it closes below the lower daily cycle band.

This is week 13 and oil printed another higher weekly high. A close above the upper weekly cycle band means that oil is establishing a weekly uptrend.

5 responses to “Oil Confirms a New Daily Cycle”

peter lo

May 12, 2016

I’m noticing a number of days this month with sizable selling on strength and even last month where i believe we had only 1 buy on weakness on spy; thoughts?

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1. likesmoneystudies
  
  May 12, 2016
  
  It may mean one more break lower before stocks can rally enough to break above the declining trend line.
  
  Reply
peter lo

May 12, 2016

any forward directional thesis?

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1. likesmoneystudies
  
  May 12, 2016
  
  Oil is in a daily uptrend and will continue in an uptrend until it closes below the lower daily cycle band.
  
  Reply
Peter lo

May 13, 2016

I see crude in to the low 30s

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