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Saturday, March 18, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kijun Sen Stops - Week 4 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 makes a High Wave candle, last week - Closes above marked support - the Kijun Sen (red).
Index stays between the 61.8% and 50% Fibonacci retrace of the last major High & Low.
Chikou Span (white) hovers above the price line (see extreme left).

Wrap:   

Chikou Span steadies, Index undecided, closes above the Kijun Sen. 



Looking Forward into this Week:

Bulls would want to get above the Tenkan Sen(blue) before the Chikou Span hits the Price line.
Bears want to see Index retest the bottom and to start with, aim for the Kumo (cloud).
With the Support @ Kijun Sen, Bulls look to get back lost ground.

Wrap: 

Bulls seek to use the current support to get back above the 61.8% Fibonacci retrace
Bears want to see the Index close below the marked supports and reach the Kumo.