Cycle Trading

Oil broke below the 50 day MA on Thursday to print its lowest low on Friday, day 42. That placed oil well within its timing band for DCL.

Oil formed a bullish reversal and closed back above the 50 day MA on Friday. Then oil delivered bullish follow through by closing above the 10 day MA on Monday so we will day 42 as the DCL.

Now oil is running into resistance at the 66.50 level. Oil is in a daily uptrend. A bullish break above the 66.50 resistance level will indicate that oil will remain in its daily uptrend and should result in a trending move.