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Saturday, November 19, 2016

Brent Crude Oil - Ichimoku Weekly Study - Monthly support - Week 4 of November 2016.






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


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

Index bounces back from Support to close exactly at the Senoku Span B.

Monthly Support Line (Tenkan Sen on the Month Chart) was the point of bounce
Chikou Span, after its Bearish Cross (Neutral Signal, as it happened when the Price was in the Kumo) is still below the Price line.


Wrap: 
Chikou Span remains below the Price line, Monthly Support Line sends up Index.
  



Looking Forward into this Week:


Bulls now need to get above the Kumo.
Bears want to keep the index in the Kumo, and head to the Weekly Support Line (Senoku Span A).

Tenkan Sen (Weekly Resistance line) is now resistance to beat, for the Bulls.



Wrap:
Bears using the Kumo top resistance look to fall to Kumo Bottom
. Bulls want to stay greened up, above Month Support.