Saturday, June 3, 2017

Brent Crude Oil - Ichimoku Weekly Study - Kumo Holds again - Week 1 of June 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)

Bears after defending the defending the 61.8% Fibonacci retrace of the last Major Hi-Lo, crash index back to the Kumo.
Bulls taking support at the Kumo, also ensure a Short wave 'Higher Low'  in sync with the Large wave Higher Low at the Kumo.
Chikou Span (white) is at the price line (extreme left).

Wrap:   
Index turns at the critical Fibo 61.8% and takes support a the Kumo.



Looking Forward into this Week:

Chikou Span could run below the Price Line - unless Price spikes (extreme left).
Bearish cross  of the Kijun Sen (red) & Tenkan Sen (blue) now looks tenuous.
Senoku Span A&B 'stand off' gives hope to Bulls (extreme right).



Wrap: 
Bulls after stopping at the Kumo twice, look for a Higher High.
Bears seek life inside the Kumo.