Monday, May 12, 2014

The Dow Jones - Ichimoku Study - Tenkan Sen Holds yet again - Week 3 of May 2014.

Dow 30 - End of  Week Chart (EOW) - Analyzing 24 Month's Data - as on 09 May'14

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

Learning from the earlier Study: (click here for the post)

Bull end week at  All time closing High #W2.

Price Line bounces off the Tenkan Sen intra-week once again #W2.
At present height, the Chikou span seen running bearishly into the Price Line #W1.

Wrap: Index takes support at Tenkan Sen - new closing high (weekly)  #W2.

Looking Forward into this Week:

Keeping above the Tenkan Sen - Bulls have hopes of a new ATH #W2.
Bearish Cross or Bullish Deflection of Tenkan Sen & Kijun Sen, would show direction going forward #W2.
Bulls wary of the Chikou span bearishly crossing the Price line #W1.

Wrap: Bulls look to break and close above this range #W2, Bears hope to get below the Tenkan Sen after 3 aborted attempts in 3 consecutive weeks #W2.