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Monday, December 26, 2016

Brent Crude Oil - Ichimoku Weekly Study - Resistance holds - Week 4 of December 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 once again closes below Monthly Resistance with a Doji indicating indecision.  
Monthly Resistance Line (Kijun Sen on Month Chart) was again the zone of resistance.   
Chikou Span, stays above the Kumo (see extreme left).


Wrap:   
Chikou Span above the Kumo, Index held  back  by the Monthly Resistance.




Looking Forward into this Week:

Bulls want to stay above the Kumo and take out the Monthly resistance (Center).
Bears want to see - the index below the Weekly resistance and the Chikou Span into the Kumo.  
Higher Highs and Higher Lows is the way forward for Bulls - keeping  above the Kumo.


Wrap:
Bears want the index below the Tenkan Sen (Weekly resistance) and Chikou Span inside the  Kumo. 
Bulls after the consolidation, eye life above the Monthly Resistance.