Saturday, July 30, 2016

Brent Crude Oil - Ichimoku Weekly Study - Down Kumo - Week 1 of August 2016.

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

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

Chikou Span slides down lower, but above support at the Kijun Sen #W1.
Index stays red, still trapped in the Kumo #W2.

Kijun Sen just below the price line inside the Kumo #W2.
Senoku Spans A and B, are crossed Bullishly #W3. 

Bears use the Kumo top as resistance, index continues to yo yo down, with another red week #W2 and a lower low.

Looking Forward into this Week:

Bulls hope the Kijun Sen support, will see Price heading up out of the Kumo #W2.
Keeping the the Chikou Span above the Kijun Sen, and the Senoku Span 'A' above the Senoku span 'B' is a Bull priority #W3.
Bears need to break below the Kijun Sen #W2.

The Kijun sen is the support the Bulls need for a bounce back, Bears aim for the kumo bottom 
#W2, and a lower high.