Oil Bearish Run Ending? - WTI Crude Oil Swing Setup

6 בינו׳ 2019

Oil finally found some footing after supply was cut. There is still some lingering doubt whether more cuts will be made or not, but for now we are on the bullish side of the kumo. We had a bullish kumo twist, a bullish TK cross, and chikou span is above price. I am looking for a drop to tenken sen for a buy entry. I want to see a good support candle form there to help confirm it is indeed time to buy and not a fake out. I'm setting my stop loss pretty tight, just a few pips below kijun sen since I don't want to be caught on the wrong side of this trade. I've also drawn out some other partial Take Profit level on the way to my medium term target here. If we fail to hold support or climb higher, this setup may become invalidated.