Sunday, March 25, 2012

The BSE Sensex 30 - Ichimoku Study - Week: 19 March to 23 March 2012 - Relief Green?

BSE 30 - End of Week Chart - 23  March 2012  
Quick Reference : 
The Tenkan Sen - red line
The Kijun Sen - blue line
The Chikou Span - purple line
The Senkou Span A - black line
The Senkou Span B - grey line
The Kumo - grey shaded area.

Recent Signals : Last week (click here) and Previous Week (click here)

We observed last week that the price had gravitated towards the flat Kumo (Senkou Span B) since Jan'2012, to reach its state of equilibrium. 
The space where we have this flat Span B is shown with 'H'. 
Kumo resistance has sent the price down and out of the cloud. 
As observed last week, the resistance of the last week's attempt (Senkou Span A), did send the price back again this week.
Another attempt at the Senkou Span B is expected within the width of 'H'. 
Price breaching the Tenkan Sen (red) is the first indication, of trouble for the above attempt. 
As one can see at  'I' the price has fallen below the red line. 
Staying above the Kijun Sen (blue), breaking above the red line and the 'Black' Senkou Span A are the critical tasks for the Bulls. 
In the mean time - the mood is cloudy for the Bulls and the Bears have all the power - just as it was in the last two weekly studies. 
About time we saw some 'relief green'.