Monday, May 1, 2017

Brent Crude Oil - Ichimoku Weekly Study - Support Stops - Week 1 of May 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)

Kijun Sen (Weekly) was clear support, even as Bears held back the Index near the Tenkan Sen.
Index stays below the 61.8% Fibonacci retrace of the last major High & Low.
Chikou Span (white) attempts to bounce off the price line (see extreme left).

Index above the Kijun Sen Support line - Chikou Span (extreme left) attempts a deflection off the Price line.

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.

Bulls hold Index above support and attempt to make a clear breakout through the resistance zone.
Bears wish to crack the Kijun sen and see the Chikou Span slip below the Price line by weekend.