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).

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).

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