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Monday, May 23, 2016

Brent Crude Oil - Ichimoku Weekly Study - Kumo - Week 4 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 clears the Price line with style, nudges the Tenkan Sen #W1.
Index reaches for the Kumo #W2.
Senoku Spans A and B converge #W3.

Wrap:
Chikou Span clears the price line #W1, Index all green #W2.



Looking Forward into this Week:
 


After the bullish Chikou Span Cross, Bulls see resistance at the Kumo #W1. 
Holding the the Chikou Span below the Tenkan Sen, important for Bears #W2.
The Senoku Span 'A' crossing above the 'B' is the next Bull ask #W3.
  
Wrap:
Defending the Kumo is the Bear target #W2.
Keeping the Chikou span above the price line and attacking the Kumo is the Bull task #W2.