Crude Oil : Is the bullish move over? (Ichimoku)

 Crude Oil seems the main topic of the discussion in the markets today.    It is influencing the dollar, Fed decision, the financial markets, etc.    Everyone is guessing every day where crude oil may “top” out.   Let’s look at the charts and see what the charts are telling us instead of playing a “guessing” game.
Below is the weekly chart.    Since 3/23/07 when the tenkan/kijun sen crossed into a bullish mode, price has never gone below the Kijun Sen.   Therefore, the bullish trend will continue on a long term basis until price goes below the Kijun Sen.   Only then can we say the trend MAY be over.   All the Ichimoku indicators on the weekly timeframe are very “healthy”.  Since that date (66 weeks), the price of crude oil has moved over 129%.   Can it go higher?   It has the possibility of going high as long as price remains above the Kijun Sen.
crude_oil_6_29_08_weekly.jpg
Below is the daily chart for crude oil.   Friday’s price action caused the Tenkan/Kijun Sen to now start trending again.   If we have a higher close tomorrow, we may start to trend higher again.   Since 6/6/08 we have been a huge consolidation pattern.   Last Thursday/Friday price movement are showing that we may be getting ready to break out of the consolidation pattern this week.  Only time will tell.
crude_oil_6_29_08_weekly.jpg
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About the Author Manesh Patel