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Saturday, December 10, 2016

Brent Crude Oil - Ichimoku Weekly Study - Resistance Zone - Week 2 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)

Bulls after  the massive up move  of the previous week, stay below Resistance with a Doji.
 
Monthly resistance Line (Kijun Sen on the Month Chart) was again the area of return  
Chikou Span, pops above the Kumo (see extreme left).

Wrap:   
Chikou Span above the Kumo, Index held  back  by the Monthly Resistance.



Looking Forward into this Week:


Bulls now need to stay above the Kumo and take out the Monthly resistance.
Bears want to get - the index below the Weekly resistance and the Chikou Span into the Kumo.
 
Bulls look to make Higher Highs and higher lows, staying above the Kumo.


Wrap:
Bears want life below the Tenkan Sen (Weekly resistance) & Chikou Span back in the Kumo.
 

Bulls look to clear the Monthly Resistance.



Say..