Crude Oil - Ichimoku and Fundamental Longterm Swing
Oil has fallen along way since our rise to $70. We are now holding in consolidation going sideways. I am waiting for an entry into a possible long term swing trade back to the upside. Fundamentally OPEC will probably cut supply again soon which will raise prices. This will coincide with a breaking of the resistance line I drew at our entry level. As soon as we break above that line it will confirm my bullish bias, and I'll enter a long position. I've drawn out this TP as a short to medium term target, but I see the potential for a much larger swing trade to be in play soon. If I enter this setup I will hold onto a good portion of it for that long term swing back up to the $65 to $70 level. If we fail to break higher or hold bullish confirmations, this setup may become invalid.
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