Cycle Trading

Oil has rallied over 28% off of its 12/24/18 low.

Thursday was day 20 for the daily oil cycle. The high on day 18 begins to shift the odds towards a right translated daily cycle formation. Oil has already closed above the upper daily cycle band to begin daily uptrend. Oil has also regained the 50 day MA and is now finding support from the rising 10 day MA.

Oil has been consolidating its rally off of the 12/24 low for the past 2 weeks. A bullish break out of consolidation will send oil into its daily cycle peak.