Saturday, October 14, 2017

Brent Crude Oil - Ichimoku Weekly Study - Engulfed above Support - Week 3 of October 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 keeps above support (Tenkan Sen - blue line) and makes an Engulfing pattern.
Senkou Span A and B, flatten but stay crossed bullishly (right extreme). 
Chikou Spandeflects off the Price line (left).
Tenkan Sen and Kijun Sen flatten and remain crossed bullishly (center).

Index makes an Engulfing pattern above support, Throw Back in progress...

Looking Forward into this Week:

All Signals favor Bulls, Bulls push for the Chikou Span deflection at the Price line, to continue.
Keeping above the 61.8% Fibonacci (Of this year's Hi and Lo) and reaching $62 is the Bull plan.
Throw back to the Kumo, in progress - That's the Bear Hope.

Bears hope for a 'Throwback', with help from the shooting star & resistance at the previous high.
Bulls seek to keep the advantage with the Engulfing pattern. and support at the blue Tenkan Sen, for move towards $62.