Cycle Trading

Oil broke out to a new daily cycle high on Thursday.

The new high on day 28 locks in a right translated daily cycle formation. Oil also closed above the upper daily cycle band on Thursday. Closing above the upper daily cycle band ends the daily downtrend and begins a new daily uptrend. Closing above the upper easily cycle band also indicates that the intermediate cycle low has been set. This is something that I plan to cover in The Weekend Report.