Monday, December 5, 2016

SGX Nifty - Ichimoku Weekly Study - Bull support holds - Week 1 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)

Chikou Span makes a bearish cross with the Price line (extreme left).
Index ranges between the Monthly Support  and Resistance Lines.
Bearish Cross of the Tenkan Sen and Kijun Sen ('weak signal' as it happened when the index was above the kumo - see center) adds to pressure on Bulls . 

Weak bearish signals pile up, even as index ranges between the Monthly Support and Resistance. 

Looking Forward into this Week:

Bears want to keep the index below the Kijun Sen - Weekly resistance - and aim for the Kumo.
Chikou Span - in congested zone - could pop above the price line next (extreme left).
Three weak Bearish signals add to pressure on bulls.

Bears look to continue this fall to reach the Kumo (Center) with help from the bearish signals.
Bulls look to hit the weekly resistance - Kijun Sen -  keeping above the Monthly Support.