Monday, November 7, 2016

SGX Nifty - Ichimoku Weekly Study - Support - Week 2 of November 2016.

View above chart at.. (Click)  

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

Learning from the Earlier Study:

Resisted by the Tenkan Sen (Weekly resistance) for 5 weeks, Index moves down, towards support at the Kijun Sen (Weekly Support).

Tenkan Sen provides exact resistance last week
Chikou Span aims for what could be support, at the Senoku Span B.

Index resisted by the Tenkan Sen (Weekly resistance) falls to the Kijun Sen (Weekly Support). 

Looking Forward into this Week:

Bears want to keep the index below the Tenkan Sen - Weekly resistance - and aim for the Kumo.

Kijun Sen - Weekly Support - important for desperate Bulls.
Chikou Span almost at the Kumo - Bearish Cross or Bullish Deflection next.

Bears look to continue this fall to the Kumo
look for green at the Kijun Sen - Weekly Support - and a Chikou Span Deflection.