Monday, April 24, 2017

Brent Crude Oil - Ichimoku Weekly Study - Deliberation Dive - Week 4 of April 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)

Bears fail to negotiate the resistance zone, Index falls below the Tenkan Sen..
Index below the 61.8% Fibonacci retrace of the last major High & Low.
Chikou Span (white) touches the price line (see extreme left).


Index below the Tenkan Sen after it fails to clear resistance zone - last 4 candles indicate 'Deliberation' and Fall. 

Looking Forward into this Week:

Bears would want to keep Index below the Tenkan Sen(blue) and get the Chikou Span below the Price line.
Bulls,  now just above the Kijun Sen - hope to take off, to above the Tenkan Sen.
With a Higher Low @ Kijun Sen, Bulls look to manage a Higher High above the recent resistance zone.


Deliberating Bulls fail to make a clear breakout from resistance zone.
Bears wish to crack the Kijun sen and send the index back towards the Kumo.