Monday, January 9, 2017

SGX Nifty - Ichimoku Weekly Study - Bulls touch Monthly mark - 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)

Bulls after deflecting the index from the Kumo and Weekly Support Line - pause at the Monthly Support line after making a Higher High.
Chikou Span (white line) still has a bearish cross with the Price line (see extreme left) .
Tenkan Sen (blue line) Cross was the Bull close for the week.

Index has a big green week and pauses near  the Monthly Support line.  

Looking Forward into this Week:

Bears want to keep the index below the Kijun Sen (red line) (Weekly resistance) - and aim for life inside the Kumo.
Chikou Span - in the congestion zone - could hug the Price-line, tracing its steep up move.
Life above the Tenkan Sen (blue line) is the next Bull ask.

Bears want some red on the screen and index pointing towards the Kumo.
Bulls look to clear the Monthly Resistance line, and continue to the Kijun Sen.