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Monday, February 27, 2017

CAC 40 (Europe Paris) - Ichimoku Weekly Study - Tenkan Sen Support - Week 1 of March 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 again makes the Tenkan Sen a support.

Last few weeks ranged between the 61.8% and 78.6% Fibonacci retrace, of the last major High and Low.
Chikou Span (White) flat (extreme left).

Wrap:
Last week the index stays above the Tenkan Sen - still within the larger range marked.

 



Looking Forward into this Week:


Bears want to see the Chikou Span headed back towards the Kumo (extreme left).
Index seeks a range break - out of the two Fibonacci ratios marked
.
Bulls have the choice of the Tenkan Sen, Kijun Sen or Kumo for Support

Wrap:


Index in range mode, show intent to take support and trend up.
Bears would try again to get index below the Tenkan Sen (Center).