Oil Delivers Bearish Signal

March 28, 2022

Oil delivered a bearish signal on Monday.

Oil closed below the 10 day MA on Monday.

Oil has been in an intermediate cycle advance characterized by RSI 05 embedding in overbought and reversing quickly if oversold. That has changed. RSI 05 did not embed in overbought as oil rallied out of the day 72 DCL. In fact, it quickly reversed once reading overbought. So this, along with closing below the 10 day MA has oil potentially setting up a left translated daily cycle that topped on day 5. If oil delivers bearish follow through and we see RSI 05 embed in oversold that will signal that oil has entered its declining phase of its intermediate cycle.

2 responses to “Oil Delivers Bearish Signal”

Johnny Utah

April 2, 2022

This channel on YouTube seems to have a different count https://youtube.com/channel/UC2rv–LyxzTfF2UW4TnOm0A

Reply
1. likesmoneystudies
  
  April 3, 2022
  
  The rally to 130 has distorted the daily cycle count. However, our cycle band tool shows that oil is in a daily uptrend. Oil will remain in its daily uptrend unless it closes below the lower daily cycle band.
  
  Reply

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