Saturday, March 25, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kijun Sen Close - Week 5 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)

After the indecisive High Wave candle of the previous week - Index takes a dive, but closes the week exactly at 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 just above the price line (see extreme left).


Chikou Span close to Price line, Index stoic, closes above the Kijun Sen. 

Looking Forward into this Week:

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


Stoic Bulls seek to use the Kijun Sen support to get back above the 61.8% Fibonacci retrace
Bears pushing lower each week, want to see the Index close below the marked supports to reach the Kumo.