Saturday, February 11, 2017

Brent Crude Oil - Ichimoku Weekly Study - Support - Week 3 of February 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 remains Flat in a range - last week saw a Doji bisecting Support.

Tenkan Sen (blue) flattens and continues to support the index.
Chikou Span (white), flat too (see extreme left).

Chikou Span flat
, Index is Flat. Range break expectations high. 

Looking Forward into this Week:

Bulls want to stay above the Tenkan Sen and make the Higher High (Center).
Bears want to see the Chikou Span, head to the Kumo.  
The index stays flat / range-bound - range break imminent.

Bulls want  more green, with life near old Highs and a continuation of up trend. 
Bears want to see the Chikou Span head down towards the  Kumo and the Index get below the marked supports.