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Sunday, September 6, 2015

Brent Crude Oil - Ichimoku Study - Tenkan Sen Rejection - Week 2 of September 2015.






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



Learning from the Earlier Study: 
(click here for the previous post)

After the index made a Lower low and Higher High (May 2015) #W1, #W2 - Bulls reach up to the Tenkan Sen as hoped #W2.

Chikou Span points down away from the Price line #W1.
Gap between the Senkou Span A & B,  wide and steady #W3.
Gap between Tenkan Sen and Kijun Sen, widens - they remain crossed bearishly #W2.


Wrap: 

Bulls, with all Signals against them, touch the Tenkan Sen and face rejection #W2. 

Bears defend the Tenkan Sen effectively #W2.



Looking Forward into this Week:



Chikou Span reaching the Price line, would take a couple of weeks at current rate, this is good for Bears #W1.
Gap between the Senkou Span A & B is wide at #W3 & above the last Price point, making a thick Kumo - and a strong resistance to an up-move #W3.
Tenkan Sen & Kijun Sen, are in a Bearish cross, the gap between them is widening - Bull's hope for a re-cross, fading fast #W2.
Index closing above the 'Tenkan Sen', is the next Bull hope #W2.


Wrap:

Staying above the previous low, and closing above the Tenkan Sen #W2, is the next Bull task.
Dominant Bears seek more red weeks, and an even wider gap between the 'Tenkan Sen and the Kijun Sen'.