Ichimoku cloud analysis of the light crude oil futures market shows signs of a bullish move. The market has been flat since March after its last push-up at the beginning of 2022. With the current geopolitical scenario leading to reducing crude oil supply, the charts indicate prices could head higher.
Light crude oil has formed a bull flag over the last couple of months, with prices above the Ichimoku cloud. Momentum has shifted on the weekly chart, and the prices have pulled away from the conversion line. Light crude has pushed through Mar. 24, 2022, high and is working to break above the bull flag congestion zone. The prices could continue upwards to the Wave 7 high and then to the 3.618 target.
The weekly bull flag is shown on the daily chart as an extended congestion zone. On May 4, light crude oil indicated a shift in momentum to the upside. Notice how the market’s lows have been getting progressively higher since the bottom of Wave 2. Additionally, the highs have also been slowly getting higher. Price has broken over the daily Ichimoku cloud, as has the lagging line, a sign that the buyers are gaining the upper hand.
The daily chart does not show a clear up-trending market. However, the Ichimoku cloud is picking up signals that light crude oil is setting up for another push to the upside. The current move above the Mar. 24 high, green lights allow buyers to go long light crude oil.
The old Wave 1 high on the daily chart is an apparent quick target. Crude oil prices are likely to head higher to the target zone indicated, as the market will find resistance in this area and back off. 
The 60-minute chart shows light crude oil started making its upwards move at the end of last week. Crude oil broke above the Ichimoku cloud, and the strong momentum took prices through the target zone before congesting into a bull flag.
The target zone supported the bull flag, a very bullish sign. A wave 6 formed as the bulls gathered energy to push higher. Light crude oil broke up to the 1.618 target in today's move. As the 6 Wave was shallow, the 1.618 target was in front of the target zone. Likely, light crude oil will now consolidate on the 60-minute chart at 1.618 before making another move up.
Buyers looking to go long light crude oil could use a break of the next 60-Minute bull flag as an opportunity to enter.