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Monday, January 9, 2017

Brent Crude Oil - Ichimoku Weekly Study - Flat, Doji - Week 2 of January 2017.








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)


Index moves up some more but the week was a stand off, defined by a perfect Doji candle.

May High as marked is the next major Resistance Zone 
Chikou Span (white indicator), goes flat (see extreme left).


Wrap:   

Chikou Span flat, Index shows indecision with a Doji.




Looking Forward into this Week:


Bulls want to stay above the Kumo and make new Highs (Center).

Bears want to see - the Chikou Span pointing towards the Kumo.  
Higher Highs and Higher Lows is the way forward for Bulls - keeping  above the Kumo.



Wrap: 

Bulls after the Doji, eye life near old Highs with a continuation of trend. 
Bears want to see the Chikou Span turn down towards the  Kumo and the Index start making a low.