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Saturday, May 7, 2016

Brent Crude Oil - Ichimoku Weekly Study - Chikou Span Deflects - Week 2 of May 2016.






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



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


Bears halt the index at the Chikou Span  #W1.
Tenkan Sen supports the falling index #W2.
Senoku Spans A and B flat #W1 

Wrap:
Chikou Span turns back at the price line #W1, Index goes red last week #W2.



Looking Forward into this Week:
 


Chikou Span returning from the price line, great for Bears  #W1.
Keeping the index above the Kijun Sen, important for Bulls #W2. 
Bears hope the Throwback continues upto the Kijun Sen #W2. 

Wrap:
Index heading to the Kumo #W2, and a Bullish Cross of the Chikou Span and Price line #W1, would the Bull ask.
Bears see the throw back of the index, reaching the Kijun Sen with the Chikou Span staying below the Price line #W2,