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Monday, February 17, 2014

BSE Sensex - Ichimoku Study - Chikou Span Slide 2 - Week 3 of February 2014.



BSE 30 - End of  Week Chart (EOW) - Analyzing 12 Month's Data - as on 14 Feb'14



Introduction / Primer to Ichimoku can be read at this link (click). 



Learning from last Week: (click here for previous post)

Bulls stay below the Tenkan Sen  #W2.
Senkou Span A & B - converge #W3.
Distance between Tenkan Sen and Kijun Sen contracts #W2
Chikou Span slides still in no man's zone - avoiding a bearish cross #W1.  


Wrap: Index stays between the Tenkan Sen and Kijun Sen #W2.





Looking Forward into this Week:


Chikou Span needs to cover some ground to meet the Price Line in the next few weeks - thus postponing a bearish cross #W1.
Bears need to stay below the Tenkan Sen to remain in the game #W2.
Convergence of Tenkan Sen, Kijun Sen and the Senkou Span A & B favors Bears  #W2 #W3.


Wrap: Bears eye the Kumo  #W2. Bulls comfort is in the Chikou Span staying above the Price line #W1.