Monday, December 26, 2016

Brent Crude Oil - Ichimoku Weekly Study - Resistance holds - Week 4 of December 2016.

Zoom into chart .. Click

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).

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.

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.