Saturday, October 24, 2015

Brent Crude Oil - Ichimoku Study - Throwback 2 - Week 4 of October 2015.

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

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

Index throwback to support continues for the second week #W2.

Chikou Span points away from the Price line again #W1.
Gap between the Senkou Span A & B,  wide and steady #W3.
Gap between Tenkan Sen and Kijun Sen, steady #W2.


Bulls, after knocking out the Tenkan Sen with a sharp breakout previously - return as in a Throwback #W2. 

Bears manage two big red candles, as a result of the above #W2.

Looking Forward into this Week:

Chikou Span reaching the Price line looks likely in a few weeks, at current rate, this is good for Bulls #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, when we get there #W3.
Index staying above the 'Tenkan Sen' zone, and cracking the Kijun Sen is what the Bulls aim for #W2.


Resuming the up-move after the Throwback #W2, and taking out the Kijun Sen is the next Bull ask.
Bears look to keep the index below the Tenkan Sen, failing which, keep it well below the Kijun Sen #W1.