Oil formed a swing low on Monday.
Oil printed its lowest point on Thursday, day 40, placing it deep in its timing band for a DCL. Monday’s swing low closed above the converging 10 day MA and 50 day MA to signal a day 40 as the DCL. Oil is currently in a daily downtrend. But a close above the upper daily cycle band will end its daily downtrend and begin a new daily uptrend.
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