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Sunday, November 13, 2016

Brent Crude Oil - Ichimoku Weekly Study - Lower - Week 3 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 breaks 
Monthly Support (Kijun Sen on the Month Chart) stops the fall
Chikou Span breaks below the Price line.


Wrap: 
Chikou Span falls below the Price line, Monthly Support stops Index fall.
  



Looking Forward into this Week:


Bulls now need to use the Month Support line to take off, above the Kumo.
Bears want to keep the index in the Kumo, and to the Weekly Support (Senoku Span A).

Tenkan Sen is now resistance to beat, for the Bulls.



Wrap:
Bears look to continue this fall to Kumo Bottom
. Bulls need to green up, above Month Support.