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Monday, December 12, 2016

SGX Nifty - Ichimoku Weekly Study - Bulls win skirmish - Week 2 of December 2016.







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




Learning from the Earlier Study: (click here for the previous post)

Index pops above the Monthly Resistance Line.
Chikou Span reverses and makes a bullish cross with the Price line ('strong signal' as the Bulls managed it, when the index was above the Kumo - see extreme left) .
Chikou Span clears the congestion zone for now.


Wrap;
One Strong Bullish Signal vetoes all the Weak bearish signals, index above Monthly Resistance line






Looking Forward into this Week:


Bears want to keep the index below the Kijun Sen - Weekly resistance - and aim for the Kumo.
Chikou Span - above congestion zone - should stay above the price line (extreme left) for Bulls  to continue up.
Tenkan Sen Cross is the next Bull ask.


Wrap:
Bears want red on the screen and life below the Kijun Sen (Weekly resistance)
Bulls look to clear the weekly resistance (Kijun Sen) to make this Bull trot viable.