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Saturday, March 4, 2017

Brent Crude Oil - Ichimoku Weekly Study - Tenkan Sen Slip - Week 2 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 remains Flat in a range - slips below Support.
Index between the 61.8% and 78.6% Fibo retrace of the last major High & Low.
Chikou Span (white) also goes flat (see extreme left).

Wrap:   

Chikou Span flat, Index is Flat. Last week's candle is a tad below the Tenkan Sen. 



Looking Forward into this Week:

Bulls want to resume the climb and clear $61(Center) for some safety.
Bears want to see Index retest the bottom and aim to reach $24 from here.
The index stays in the range defined - range break imminent.

Wrap: 

Bulls want a breakout and continuation of up trend - $61 sounds good. 
Bears want to see the Index get below the marked supports and retest the recent bottom near $24.