Monday, November 27, 2017

Nifty (Asia India) - Ichimoku Weekly Study - Lift off from Support - Start of Week 5 of November 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 perfect Support, at the Tenkan Sen, index gained with a green week.

Index still below the target zone 10500. 
Bulls retain Higher High and Higher Low.



Wrap:
Index continues its take off from the Blue line (Tenkan Sen), which was Support
.





Looking Forward into this Week:


Bulls want to use the take off from support, to reach the 162% Fibonacci, after the higher high and higher low.

Bears seek to make a Lower Low and head below the Kijun Sen (red line).


Wrap: 
Bulls intend to keep above the Tenkan Sen and reach the 162% Fibonacci (10500+) as marked

Bears hope to make a lower low and turn from the target zone once again.