Sunday, July 24, 2016

Brent Crude Oil - Ichimoku Weekly Study - Kijun sen Action - Week 4 of July 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 slides down, but above support at the Kijun Sen #W1.
Index goes red, still trapped in the Kumo #W2.

Kijun Sen slips neatly into the Kumo #W2.
Senoku Spans A and B, are crossed Bullishly #W3.

Bears use the Kumo top as resistance and start an yo yo, with a red week #W2.

Looking Forward into this Week:

Bulls hope the Kijun Sen action will see Price breaking out above the Kumo #W2.
Keeping the the Chikou Span above the Kijun Sen, and the Senoku Span 'A' above the senoku span 'B' is the bull need now #W3.
Bears need to use the Kumo as resistance zone and get a move below it #W2.

A Kumo break out is what the Bulls want to enforce #W2, Bears see the index yo-yoing down the Kumo.