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Saturday, May 14, 2016

Brent Crude Oil - Ichimoku Weekly Study - Chikou Span Action - Week 3 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) 


Chikou Span stays on and closes just above, the Price line #W1.
Tenkan Sen supports the index #W2.
Senoku Spans A and B converge #W3.

Wrap:
Chikou Span closes above the price line #W1, Index goes green #W2.



Looking Forward into this Week:
 


Bullish Chikou Span Cross, great for Bulls  #W1.
Getting the index below the Tenkan Sen, important for Bears #W2. 
Bulls see the narrow Kumo above the price line #W2, as an ideal place for the index, to pierce through and geabove the Kumo. 


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