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Saturday, November 26, 2016

Brent Crude Oil - Ichimoku Weekly Study - Kumo support - Week 5 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 uses the Senoku Span B as Support and stays above it all week.

Weekly resistance Line (Tenkan Sen on the Week Chart) was the area of resistance
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, Index takes support on the Kumo.




Looking Forward into this Week:


Bulls now need to stay above the Kumo and take out the weekly resistance.
Bears want to keep the Chikou Span below the Price line (see extreme left).

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



Wrap:
Bears using the Price line as resistance look to keep the Chikou Span down.

Bulls want to stay above the Kumo.