I've been bullish long term with oil for a while now. I am looking for a strong brekout to help get oil back to previous highs. This is a little bit more of a swing trade as it may require holding for a few weeks. The technical also line up with the fundamentals from a supply and demand perspective. As long as the fundamentals remain the same and they don't decide to flood the market, this trade should hold up long term.
There no Kumo Breakout yet. Future Cloud is still Dark.. You have Flat SB ahead.. The point where you have Stop is PRZ for Bullish Cypher. I would advise to avoid long based on current PA and ichimoku .
The808Trader
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@AvinashMudaliar, This trade had a lot to do with fundamentals, oil will continue to be bullish all year long, I'm expecting highs of around $80 or so before the end of the year. I have a little better pulse on the industry since I live right next to the biggest oil play in the US. I see all the drilling, wells, fracking that takes place, and I see first hand how busy companies are out here and whether or not they are ramping up. While Oil still does respect ichimoku, this is an easily influenced commodity based on OPEC and US supply. There's a lot more nuances to it than a typical currency you might trade. For a long term swing, this was only ever headed up. Hopefully that's a little clearer than my first comment. Thanks for following and commenting!