Saturday, November 5, 2016

Brent Crude Oil - Ichimoku Weekly Study - Higher Low - Week 2 of November 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 continues to move down, after resistances seen in previous weeks.

Previous low and also the Monthly Support (Kijun Sen on the Month Chart) provides exact support
Chikou Span touches the Price line.

Index stopped by the Chikou Span resistance at the Kumo, falls to the recent low and Monthly Support.

Looking Forward into this Week:

Bulls can even now, look to make this close a higher low, so as to maintain the current trend.
Bears want to keep the index in the Kumo, and at the Weekly Support (Senoku Span A).

Kijun Sen (inside the Kumo) is now resistance to beat, for the Bulls.
Chikou Span touch of the Price line - Bearish Cross or Bullish Deflection next.

Bears look to continue this fall to Kumo Bottom
Bulls need to use this Support as a higher low and continue the current trend.