Monday, October 16, 2017

Nifty (Asia India) - Ichimoku Weekly Study - All Time Highs and Resistances - Start of 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 takes off above the Tenkan Sen (blue line), and reaches Channel Resistance. 

Bulls retain honors for a Higher High and Higher Low (by a whisker).
The Three Outside Down Pattern is Busted.

Index takes off above the Tenkan Sen and reaches the Channel Resistance Line

Looking Forward into this Week:

Bulls want to keep up the momentum and  reach the 162% Fibonacci, after the higher high and higher low.

Bears need to make a Lower Low and break the Kijun Sen (red line).

Bulls intend to keep above the Tenkan Sen and reach the 162% Fibonacci (10521).

Bears seek life below the Kijun Sen with help from the Broadening Top..