After peaking on day 18, oil printed a huge bearish candle that closed below triple support of the 200 day MA, the 50 day MA and the 10 day MA to signal the daily cycle decline.
But then oil did not deliver any bearish follow through.
Oil printed its lowest point on day 20. A swing low has since formed which allows us to construct the daily cycle trend line. A break below the trend line will confirm the daily cycle decline. However it appears that oil is beginning to coil below the triple resistance area. RSI has turned higher and the True Strength Indicator is close to delivering a bullish crossover. We also need to keep in mind that oil has just begun a new daily uptrend and is still early (week 5) in its intermediate cycle. Therefore a close above the 200 day MA will continue the daily uptrend and should result in a trending move.
Cycle Trading 
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