Monday, January 23, 2017

SGX Nifty - Ichimoku Weekly Study - Resisting Times - Week 4 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 reaching the Weekly resistance precisely, make an 'inside' red candle last week.
Chikou Span (white line) deflects bearishly off the Price line (see extreme left) .
Kijun Sen (red line) was the High, and the Monthly resistance line was the Stop.

Index after it pauses near the Weekly Support line, gives an inside red week.

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 - could continue to hug the Price-line, tracing its steep up move.
Life above the Tenkan Sen (blue line) is the Bull ask.

Bulls look to clear the Weekly Resistance line, and continue to the previous High. 
Bears want some more red on the screen after their success at the Kijun Sen.