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Saturday, November 14, 2015

Brent Crude Oil - Ichimoku Study - Double Bottoms - Week 3 of November 2015.






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



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

Bears take the index deeper down, towards the last bottom #W2.

Chikou Span points down with last week's red on the screen #W1.
Gap between the Senkou Span A & B, steady #W3.
Gap between Tenkan Sen and Kijun Sen, reduces #W2.


Wrap: 

Bears holding the advantage, move the index towards the last bottom for a retest #W2. 




Looking Forward into this Week:


Tenkan Sen going up and crossing, to above the Kijun Sen is something the Bulls look forward to #W2.
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, when we get there #W3.
Chikou Span deflecting off the Price line earlier, now gives good gains to the Bears #W1.


Wrap:

Returning after a Double Bottom, and taking out the Tenkan Sen #W2, is the next Bull hope.
Bears look to keep the index below the Tenkan Sen, and keep seeking deeper levels.